Softbank, Synchronoss and TBCASoft partner on blockchain-based mobile payments service

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.

The service will allow users to make in-store, mobile and digital purchases from their device, and the CCPS blockchain API enables recipients to use a RCS-based messaging app or legacy messaging service (e.g. SMS) to receive P2P money transfers via the app from overseas or the same country.

Takeshi Fukuizumi, vice president of Softbank Corp., said: “The RCS and blockchain based mobile payments PoC demonstrates the value operator-led services can deliver.

“Not only do we foresee our new mobile payment service empowered merchants to operate digitally, and at a scale that was previously only available to big brands, but it will also give our customers more flexibility when it comes to their purchasing and traveling habits.”

“In today’s digital economy, blockchain lets CSPs create new services and then extend them globally, beyond their established territories and markets, in a way that’s efficient and secure,” added Ling Wu, founder and CEO of TBCASoft. “The success of this PoC proves that our cross-carrier blockchain platform can help CSPs leverage common standards like RCS to deliver disruptive services to their customers.”