Telecom firm and Uber shareholder Softbank, IoT company Synchronoss Technologies and blockchain provider TBASoft are teaming up for a new cross-carrier payment service (CCPS) using Rich Communication Services' (RCS) global messaging standard.
SoftBank Corp has since joined hand with Synchronoss Technologies as well as TBCASoft. When implemented, it will facilitate mobile payment services amongst global telecommunication carriers and is expected to replace the traditional SMS text messaging system with a richer pool of features, such as sending multimedia content, documents and voices calls via carrier networks instead of mobile apps. (SNCR), an American firm that provides secure, white label, mobile cloud, RCS messaging and digital solutions, and TBCASoft Inc., a USA -based blockchain startup.
"The three companies have successfully completed a mobile payments service PoC that is created to allow users to make a range of in-store, mobile and digital purchases directly from their device", notes a press release issued by Softbank Corp.
The group's effort comes a year after the three firms, along with several major global carriers, formed a Blockchain Study Group.
The system is based on TBCASoft's Rich Communication Services (RCS) global messaging standard already in operation in Japan. In association with blockchain, it planned to build this RCS among mobile 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. They have been focusing on delivering a cross-carrier blockchain network named Cross-carrier Payment Service (CCPS).
"Our PoC 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", said Lurie. Leveraging the innovative technologies of other SoftBank Group companies, SoftBank Corp.is also expanding into AI, smart robotics, IoT, FinTech, cloud security and other business sectors.
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. The API will enable a messaging app based on RCS to receive money via the RCS wallet app.
SoftBank further explained that global purchases made can be done directly through an RCS-based messaging app, similar to a text message or email.
"This RCS and blockchain based mobile payments PoC demonstrates the value operator-led services can deliver", said Softbank's Vice President, Takeshi Fukuizumi.