South Korea’s mobile carrier LGU+ that is owned by LG Corporation (the 4th largest conglomerate in the country) is launching a cross-carrier payment service that is blockchain-based upon partnering with Japan, Taiwan as well as the United States.
The new service will allow all the subscribers from a carrier to efficiently complete their purchase transactions by phone in the three countries. The trial service will start in early 2019 whereby the subscribers will enjoy these transactions.
The real deal
LG UPlus as well signed on Thursday, September 13, a MoU of developing the service alongside other two global partners: Japan’s Soft bank, Taiwan-based Far Easton Telecommunications as well as US-based TBCAS oft.
The service once launched, LGU+ subscribers will then be able to purchase items at the selected retailers by using their mobile phones while traveling to Taiwan and Japan. Far Easton subscribers as well won’t be left behind as they will as well enjoy a similar convenience when they travel to Japan or Korea.
According to the director of mobile services at LGU+, Joo Young-Joon, customers will enjoy the benefit of the overseas payment based on convenient, secure, and economic blockchain technology.
More on the Advantageous Side
Unlike the other payment options, the service will help the customers to avoid charges for the overseas transaction fees as well as minimizing all those risks of the fluctuations in the foreign exchange rates. All are paid in home countries, and the user’s national fiat currency through their mobile bills.
CEO of TBCASoft, Ling Wu, states that the service is just but one of a planned series of blockchain-based solutions and that authentication as well as identity systems are next.
All the four parties that are involved are members of Carrier Blockchain Sturdy Group which is a global consortium that explores ways of collaboration on different cross-carrier blockchain platforms from last year.
Just last week, the Softbank unveiled the new proof-of-concept partnering with TBCASoft and Synchronoss Technologies to use CCPS and allow users conduct peer-to-peer transfers globally via legacy messaging services like email and SMS. A
The service marks the first time that a Korean mobile carrier offers such a significant and advanced service to its subscribers.
