South Korea’s LG Uplus is launching a blockchain-based overseas payment service along with the global partners in Japan, Taiwan and the United States.
Seoul-based LG Uplus signed a memorandum of understanding (MOU) on September 13. LG signed it with Taiwan-based Far EasTone Telecommunications and Japan-based SoftBank for the new service. US-based TBCASoft will give the cutting edge blockchain platform.
The trial service depends on a cross-carrier blockchain platform called CCPS (cross-carrier payment system). This will enable users from one carrier to complete transactions on the payment networks of another carrier.
Using the new service, LG Uplus subscribers will be able to purchase retail goods utilizing their cell phones when they travel to Taiwan and Japan. Far EasTone subscribers will likewise be able to enjoy a similar convenience when heading out to Korea and Japan.
With this blockchain payment service, users can avoid fees on overseas credit card transactions. It also diminishes the risks related to fluctuations in foreign exchange rates as the users are paid through their carrier in their home currency.
The Carrier Blockchain Study Group (CBSG), the global blockchain consortium of telecom carriers was launched in September 2017. Far EasTone, SoftBank and TBCASoft are among its initial founding members. The CBSG tries to provide telecom individuals and their clients’ different services using blockchain technology.
Founder and CEO of TBCASoft, Ling Wu and co-chairman of the CBSG Consortium said that due to the faster growth of CBSG Consortium, we are entering another phase of launching certifiable trials that demonstrate the business status of the TBCASoft blockchain platforms.
As reported by Cointelegraph, CSBG has recently disclosed the formation of another blockchain working group. The group will focus on global remittance services. It additionally will include six further major global telecoms firms to its ranks.
Korea’s third-biggest mobile carrier became a member of the consortium in February, KoreaTimes reported.
“Customers will have the benefit of an overseas payment system based on convenient, economical and secure blockchain technology,” said Joo Young-joon, director of the mobile service unit at LG Uplus.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]