LG Uplus has recently announced that the company will be offering a blockchain-based overseas payment service to its subscribers like Ripple (XRP) and Stellar Lumens (XLM) do. With this purpose the company joined its global partners in Japan, Taiwan and the U.S. The information was passed by Korean mobile carrier and reported by Korean Times Yesterday, on September 16.
According to the official source, the new solution, which is based on cross-carrier payment system (CCPS) blockchain platform, will be introduced in the beginning of the next year.
Joo Young-joon, director of the mobile service unit at LG Uplus shared an official comment regarding the new solution which stated: “customers will have the benefit of an overseas payment system based on convenient, economical and secure blockchain technology. And in addition to the overseas payment solution, LG Uplus will continue to develop new business opportunities with CBSG blockchain and global telecom leaders”.
It was also informed in the official message that TBCASoft, which is a leading U.S. based company, will be providing the cutting-edge blockchain platform for the new product.
Founder and CEO of TBCASoft, Ling Wu who is also the co-chairman of the CBSG Consortium (both TBCASoft and LG Uplus are members of the global blockchain consortium of telecom carriers) stated: “as the CBSG Consortium grows faster than expected, we are entering a new stage of launching real world trials that demonstrate the commercial readiness of the TBCASoft blockchain platform… The cross-carrier payment system is the first in a series of blockchain-based systems, adding that identity and authentication are next”.
Upon the release of the new solution, the users of the platform will have the opportunity to purchase items at selected retailers via using their mobile phones as they travel to Taiwan and Japan. Due to the solution using direct carrier billing, the platform gives the users the chance to enjoy convenient transactions which are billed and paid in their home currency.
The notable fact about the new solution is that it will reportedly become the first ever such advanced solution that is offered by a Korean mobile carrier.