LG offers blockchain payments for travelers

LG offers blockchain payments for travelers

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Answer LG offers blockchain payments for travelers

LG Uplus, a company connected to LG’s Korean telecommunications company, is set to trial a blockchain financial payments service for travelers abroad.

LG Uplus launched the Mobile Network Payment System (CCPS), and added that it is cooperating with partners in Japan, Taiwan and the United States to enable financial payments services via blockchain via mobile networks between global telecom operators. LG Opel has signed a memorandum of understanding with Taiwan-based Far Ethony Telecom and Japan’s SoftBank to participate in the trial scheduled to begin in early 2019, the Korea Times reported.

The blockchain platform will be developed by the US-based “TBCASoft” company.

In essence, the offered service will enable subscribers to make purchases at retail partners in Taiwan and Japan using their mobile phones as the blockchain financial payments service is based on the global messaging standard of RCS.

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“Mobile customers in Japan, for example, can travel to the US and make a dollar purchase via RCS,” SoftBank said in announcing the service’s prototype last week.

The RCS global messaging standard can also be used to send payments. The flexibility of the application interface allows the recipient to use RCS-based messaging or a legacy messaging service such as SMS or mobile email, to receive person-to-person (P2P) money transfers through the RCS wallet in the same country or abroad,” according to the carrier. Japanese.

With transactions billed and paid for through their carriers in their local currency, Direct Carrier Billing will similarly allow EasTone and Softbank subscribers to use this service for payment when traveling to Japan, Korea and Taiwan. The trio (the three companies) said this would help save credit card balances abroad which includes foreign exchange fees.

Jo Young Joon, Director of Mobile Services at LG Uplus, said:

“Customers will benefit from the offshore payment system based on blockchain technology, which is a convenient, economical and secure method.”

TBCASoft, SoftBank and EasTone are also founding members of the Carrier Blockchain Study Group (CBSG), a global working group of telecommunications companies launched in September 2017. Its namesake product, a blockbox, CBSG also extends beyond payments to identity and authentication for subscribers.

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Jo Young Joon added that in addition to serving overseas payments, LG Uplus will continue to develop opportunities for new business with BlockSin CBSG and global telecom leaders.

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