South Korean mobile operator LG UPlus …
South Korean mobile operator LG UPlus launches international blockchain payment system
South Korean mobile operator LG UPlus, owned by the country’s fourth largest conglomerate LG Corp, has launched an international blockchain payment service, the Korea Times reported on September 16..
The service was developed jointly with three other companies – Taiwanese Far EasTone Telecommunications, Japanese SoftBank and American TBCASoft – with which LG UPlus signed a protocol of understanding on September 13. With the help of the new service, customers of one telecom operator will be able to carry out transactions in the payment network of another operator without any problems. According to Korea Times, the first test of LG UPlus payment service is scheduled for early 2019.
The article also says that the use of blockchain in this service will speed up transactions in the networks of different operators. This means that users will be able to avoid fees for transactions on foreign credit cards, and will also be protected from fluctuations in foreign exchange rates due to the fact that all settlements are carried out in the currency of their country..
For example, the service will allow South Korean LG UPlus users to buy retail goods in Taiwan and Japan with their mobile phones, while Taiwanese Far EasTone users will be able to do the same in South Korea and Japan..
Lin Fu, Founder and CEO of TBCASoft, told the Korea Times that the cross-operator payment system is the first planned blockchain telecommunications solution. Further, according to him, systems will be created “for identification and authentication”.
Far EasTone, SoftBank and TBCASoft are co-founders of the Carrier Blockchain Study Group or simply CBSG, a global blockchain consortium of telecom operators, established at the end of 2017. In the summer, CBSG announced the creation of a new blockchain working group that will focus on global money transfer services, and also announced that six more large telecommunications companies will join its ranks..
Last week, Softbank, together with Synchronoss Technologies and TBCASoft, presented a pilot project that allows users of a cross-operator payment system to make international P2P money transfers using messaging services like SMS and e-mail..
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