Japan's Softbank trials blockchain-based mobile payments service

SoftBank Biggest Shareholder in Uber Tests Blockchain Payment Service with TBCASoft and RCS

He further stated that the SoftBank is "at the forefront in bringing to market new cutting edge technology". The messaging system makes easy to send payments and - in turn - for recipients to receive person-to-person (P2P) money transfers through the app-which is especially useful for those traveling overseas. Through this Blockchain platform, people will be able to travel to other countries and make purchases in those countries in fiat currencies without having to convert currencies.

SoftBank Corp., a subsidiary of SoftBank Group Corp.

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.

TBCASoft, an innovator of cross-carrier blockchain platform technology, has reportedly been working with SoftBank to develop the Cross-Carrier Payment Service that is meant to facilitate payments from anywhere in the world and work with any service provider. Through the PoC, the three partner firms companies have successfully completed a prototype for a mobile payments service that is created to allow users to make a range of in-store, mobile and digital purchases directly from their handheld device. Sychronoss Technologies is an global creator of cloud, digital, IoT, and messaging products. The service will facilitate the users to carry out peer to peer global transfer of money.

A year ago, SoftBank formed a global consortium called the Carrier Blockchain Study Group (CBSG) with TBCASoft and several global major carriers like US -based carrier Sprint and Taiwan-based FarEasTone.

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The most important feature of introducing this wallet is to send funds from one person to another person who is travelling overseas or while they go elsewhere.

SoftBank further explained that global purchases made can be done directly through an RCS-based messaging app, similar to a text message or email.

The Tokyo, Japan-headquartered multinational holding conglomerate SoftBank Group Corp. has announced that it has successfully completed a blockchain-based proof-of-concept (PoC) that allows peer-to-peer (P2P) mobile payments across different mobile carriers. He continued: "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.

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