Japanese SoftBank announces its future blockchain-based mobile payment service

Japanese telecom company SoftBank Corp., together with its technological partners, has announced the proof of concept (PoC) of the new mobile payments services. The partners include USA-based Synchronoss Technologies, the innovative IT company that provides cloud, digital, messaging, and Internet of things solutions worldwide, and the CA-based TBCASoft, a fast-growing blockchain startup company.

SMS? Eh that's past; blockchain is the future!

The companies have developed a PoC of the mobile service payment system for in-store mobile purchases, the SoftBank writes in the press release September 12.

“A mobile customer based in Japan, for example, can travel to the USA and make a purchase in dollars via RCS which is supported by SoftBank and Synchronoss,” explained in the press release.

The Cross-Carrier Payment Service (CCPS) blockchain platform, developed by TBCASoft with the participation of SoftBank, is based on the Rich Communication Services (RCS) global messaging standard and TBCASoft's cross-carrier blockchain platform.

The system has flexible API which allows the user to use the messaging app or legacy messaging service like SMS or mobile email and to carry out person-to-person money transfers through the RCS wallet app.

“RCS messaging will become the foundation for a new, feature-rich marketplace for brands and merchants, both large and small, to interact with subscribers. With our expertise and global reach across multiple messaging platforms – not only RCS, but also email, IM, MMS and SMS, Synchronoss is ideally positioned to take advantage of this important new trend in mobile,”

commented Synchronoss CEO and President Glenn Lurie.