SoftBank Corp has reported that it is working on a new cross-carrier mobile payments system. The system will be based on the international messaging standard, Rich Communication Services (RCS). Furthermore, it will be integrated into a blockchain based platform.
SoftBank Corp enters a partnership
SoftBank Corp has since joined hand with Synchronoss Technologies as well as TBCASoft. The three partners are working on a pilot project for the new mobile payment platform. This payment service will enable users to buy several in-store products. Users will purchase the said products digitally through their mobile devices.
SoftBank Corp is a Japanese telecom carrier firm. Sychronoss Technologies is an international creator of cloud, digital, IoT, and messaging products. TBCASoft is a developer of cross-carrier platforms driven by blockchain technology.
Sychronoss has established a multi-channel communications network in the Japanese market. The platform covers email, SMS and the Rich Communication Services. Meanwhile, SoftBank has been jointly working with TBCASoft under the consortium Carrier Blockchain Study Group. They have been focusing on delivering a cross-carrier blockchain network named Cross-carrier Payment Service (CCPS). It is utilized for international mobile payment services across international telecommunications carriers.
How it works
Through the RCS standard, one can send a payment. Consequently, the CCPS blockchain application programming interface (API) will allow the recipient to receive the money. The API will enable a messaging app based on RCS to receive money via the RCS wallet app. The messaging app can either be triggered by mobile email or SMS, while payments can be sent locally or abroad.
SoftBank’s Vice President, Takeshi Fukuizumi feels that the pilot project shows the value that operator-led services can offer. He stated, “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 traveling habits.”
Meanwhile, Sychronoss’ CEO was optimistic that RCS messaging will be the new backbone of the marketplace for merchants and brands. He said it will enable both big and small businesses to interact with their subscribers easier.