According to Softbank post published today September 9, the PoC was developed in partnership with a blockchain firm TBCASoft, Inc., an innovator of cross-carrier blockchain platform technology, as well as Synchronoss, a Nasdaq-listed company specialized in cloud, messaging, digital and IoT products.
The solution is based on the Rich Communication Services (RCS), a global communication standard that is expected to replace existing text messages with an alternative system that enables the transfer of multimedia, integration with apps, voice calls, and mobile payments. 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.
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Use of RCS services with underlying blockchain technology can revolutionize the working of mobile payments.
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.
SoftBank Corp., a subsidiary of SoftBank Group Corp. The platform allows users to complete purchases in-store, on mobile and digitally, including in local currencies, with global compatibility across carriers. It is utilized for worldwide mobile payment services across global telecommunications carriers.
The new payment service proof of concept was reportedly developed in collaboration with Synchronoss Technologies and TBCASoft.
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Softbank additionally clarified that, with a distributed network as a fundamental innovation, clients can send funds stored in their wallets inside the RCS agenda starting with one transporter then onto the next in a shared manner - which would be particularly valuable when traveling overseas. 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 overseas.
"This RCS and blockchain based mobile payments PoC demonstrates the value operator-led services can deliver", said Softbank's Vice President, Takeshi Fukuizumi.
"RCS messaging will become the foundation for a new, feature-rich marketplace for brands and merchants, both large and small, to interact with subscribers".
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