Published: Fri, September 14, 2018
Tech | By

Japanese SoftBank announces its future blockchain-based mobile payment service

Japanese SoftBank announces its future blockchain-based mobile payment service

"Our PoC demonstrates how SoftBank is at the forefront in bringing to market new cutting edge technology through the use of blockchain as well as new RCS-based mobile services, which will disrupt the current messaging and payments market, creating new opportunities for customers, brands, and businesses - and which will also drive incremental revenue for operators from messaging", said Synchronoss CEO, Glenn Lurie.

The three entities joined their efforts to carry out a PoC that was meant to enable users to conduct in-store, mobile, and digital purchases from their mobile phones. For instance, a Japanese client of a mobile carrier can travel to the USA and make a purchase in United States dollars based on the RCS system provided by SoftBank and Synchronoss, the companies explained. When implemented, it will facilitate mobile payment services amongst global telecommunication carriers and is expected to replace the traditional SMS text messaging system with a richer pool of features, such as sending multimedia content, documents and voices calls via carrier networks instead of mobile apps.

Commenting on the innovative payment service app, the vice president of Softbank Corp "Takeshi Fukuizumi" said that the app would empower the merchants to transact in digital money in a way similar to the one that has for always been enjoyed by the big brands.

Takeshi Fukuizumi, the vice president of Softbank has opined that the upcoming service will enable the merchants to function "at a scale that was previously only available to big brands". The platform is now being demonstrated at the Mobile Web Congress Americas conference that is taking place in Los Angeles, California, between September 12 and 14.

Ling Wu, TBCASoft CEO mentioned in a statement that, "A large number of Communication Service Providers (CSPs) are adopting the blockchain technology to add new features and services to their portfolio".

According to the release, the mobile payment service is based on the Rich Communication Services (RCS) global messaging standard and backed by TBCASoft's blockchain solution.

SoftBank Corp is a Japanese telecom carrier firm. The service will facilitate the users to carry out peer to peer global transfer of money. Sychronoss Technologies is an worldwide creator of cloud, digital, IoT, and messaging products. For more information, visit us at Through this Blockchain platform, people will be able to travel to other countries and make purchases in those countries in fiat currencies without having to convert currencies.

The announcement states that the partners jointly developed the blockchain-based PoC, which is integrated with RCS, using a distributed network deployed across several mobile carriers. TBCASoft is located in Sunnyvale, California, the center of Silicon Valley.

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