Softbank said on Wednesday the technology was developed in partnership with blockchain startup TBCASoft, as well as Synchronoss, a Nasdaq-listed firm that delivered a SMS-replacement communications protocol called Rich Communication Service (RCS) in Japan.
SoftBank has joined hands with Synchronoss Technologies Inc. The system will be based on the worldwide messaging standard, Rich Communication Services (RCS).
Users of the new blockchain platform will not have to change their money at a bank when traveling internationally.
SoftBank Corp., a subsidiary of SoftBank Group Corp.
Do you think the upcoming blockchain-powered RCS mobile service will disrupt the current messaging and payments market space?More news: IPhone Xs Max: 5 Reasons Why to Go to the Max
A year ago, SoftBank formed a global consortium called the Carrier Blockchain Study Group (CBSG) with TBCASoft and several global major carriers like USA -based carrier Sprint and Taiwan-based FarEasTone.
"The three companies have successfully completed a mobile payments service PoC that is created to allow users to make a range of in-store, mobile and digital purchases directly from their device".
The former provides services on Internet of Things [IoT], messaging, cloud and is a digital platform, as well. The service will will enable users to conduct peer-to-peer money transfers globally, as well as to carry out internal purchases directly from their device via the RCS wallet application, or a legacy messaging service like SMS or email.
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.
In a press release published on September 11, Softbank revealed the development of a platform that would allow peer-to-peer mobile payments across different carriers.More news: Justin Bieber and Hailey Baldwin spotted at NY Marriage Bureau
SoftBank further explained that global purchases made can be done directly through an RCS-based messaging app, similar to a text message or email.
"RCS messaging will become the foundation for a new, feature-rich marketplace for brands and merchants, both large and small, to interact with subscribers".
Commenting on the announcement, Takeshi Fukuizumi, Vice President of Softbank Corp. said: "This RCS and blockchain based mobile payments PoC demonstrates the value operator-led services can deliver".
Fukuizumi added the company hopes that the new mobile payment service will give its customers more opportunities when it comes to their spending and traveling habits.More news: Former Patriots among 2019 HOF nominees