Softbank Successfully Completed Blockchain PoC for P2P Mobile Payments

Alfred Osborne
September 14, 2018

Softbank said on Wednesday that the innovation was created in partnership with blockchain startup TBCASoft, and also Synchronoss, a Nasdaq-listed firm that bore another form of messaging communications convention called Rich Communication Service (RCS) in Japan. He explained that SoftBank is at the forefront of bringing to market new cutting edge technology. (SNCR), an American firm that provides secure, white label, mobile cloud, RCS messaging and digital solutions, and TBCASoft Inc., a USA -based blockchain startup.

According to the announcement, Synchronoss has launched a secure multi-channel communications platform in Japan earlier this year, which covers SMS, email and RCS, a communication protocol that aims to replace SMS messages with a text-message system that is richer, provides phonebook polling, and transmit in-call multimedia. The activity involved the partnering firms jointly creating the blockchain-based PoC, which integrates RCS with a distributed blockchain-based network deployed across multiple telecom carriers.

A trio of Japanese corporations have devised a working proof-of-concept (PoC) underpinned by blockchain that allows users to make peer-to-peer payments from their mobile phones.

The combined mobile payment service will allow users to make in-store and mobile and digital purchases in addition to processing global peer-to-peer money transfers. Sychronoss Technologies is an worldwide creator of cloud, digital, IoT, and messaging products.

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Softbank has stated that this new upcoming project envisions to provide an impetus to payment services in mobile devices among the worldwide telecoms carriers. It is utilized for worldwide mobile payment services across global telecommunications carriers. Users will be able to conveniently transfer funds held within their mobile wallets from one carrier to another in a P2P fashion. The API will enable a messaging app based on RCS to receive money via the RCS wallet app. The goal of the group is to develop Cross-Carrier Payment Service (CCPS), a cross-carrier blockchain payments solution that was implemented through the PoC. The messaging app can either be triggered by mobile email or SMS, while payments can be sent locally or overseas.

Softbank Corp Vice-President Takeshi Fukuizumi says "this RCS and blockchain based mobile payments PoC demonstrates the value operator-led services can deliver".

Meanwhile, Sychronoss' CEO was optimistic that RCS messaging will be the new backbone of the marketplace for merchants and brands.

Fukuizumi added the company hopes that the new mobile payment service will give its customers more opportunities when it comes to their spending and traveling habits.

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