SoftBank has teamed up with two technology companies in order to trial a blockchain-based payment platform.
The Japan-based telecom service provider announced the partnership yesterday in a press release. The global firm will be joining with messaging provider and Internet-of-Things (IoT) firm Synchronoss Technologies, Inc and cross-carrier payment service TBSCSoft Inc. in order to offer a new Proof of Concept (PoC) platform.
The announcement states that the trio has completed “a mobile payments service PoC that is designed to allow users to make a range of in-store, mobile and digital purchases directly from their device.”
Softbank explained that a customer in Japan could travel to the US to make a purchase in US dollars. This would happen via Rich Communication Services (RSC) using their mobile phone. The platform supported SoftBank and Synchronoss would allow this transaction.
According to Softbank, the RCS messaging standard will also be used in order to conveniently send a payment internationally. There is flexibility that the Cross-Carrier Payment Service (CCPS) blockchain offers which will allow customers to receive peer-to-peer money transfers. This could be an overseas transfer or a payment from within the same country.
Takeshi Fukuizumi, the Vice President of said: “This RCS and blockchain based mobile payments PoC demonstrates the value operator-led services can deliver. Not only do we foresee our new mobile payment service empowering merchants to operate digitally, and at a scale that was previously only available to big brands, but it will also give our customers more flexibility when it comes to their purchasing and travelling habits.”
Synchronoss CEO Glenn Lurie also commented on the news, saying that the PoC model “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”.
Lurie believes that RCS messaging will become the base point for a feature-rich market, where brands and merchants will be able to interact with subscribers.