South Korean Telecoms Giants Set to Offer Blockchain-Based Mobile Payments Solution

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South Korean mobile carrier and global electronics giant LG Uplus has joined forces with Far EasTone Telecommunications, SoftBank, and TBCASoft, to develop a cross-carrier blockchain payments solution to enable local mobile phone subscribers from different networks to make quick payments with their phones when they travel abroad, reported The Korea Times on September 16, 2018.

Lightning Fast DLT-powered Payments

Per sources close to the matter, LG Uplus has partnered with international firms to trial a cross-carrier distributed ledger-based payments service called CCPS (cross-carrier payment system), to make it easier for mobile subscribers in the region to make payments irrespective of their carriers.

Once the service becomes fully functional, LG Uplus and Far EasTone subscribers will be able to pay for their purchases at supporting merchants across Taiwan, Korea, and Japan, using their mobile phones.

The team claims the solution will drastically help subscribers cut costs incurred when making international payments with their credit cards and eliminate the risks that come with fluctuations in foreign exchange rates, as it utilizes a “direct carrier billing” system.

Joo Young-joon, director of the mobile service unit at LG Uplus reiterated that the DLT-based mobile payments solution would offer users significant benefits as it is more economical, convenient, and super secure. He said:

“[And] in addition to the overseas payment solution, LG Uplus will continue to develop new business opportunities with CBSG blockchain and global telecom leaders.”

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It’s worthy of note that Far EasTone, SoftBank, and TBCASoft are among the telecoms firms that launched the Carrier Blockchain Study Group (CBSG) earlier in September 2017.

The organization, which is a global distributed ledger technology (DLT) consortium of telecom firms, is focused on jointly creating blockchain-based systems for the telecommunications industry.

The CBSG also assist member firms in developing internet of things solution (IoT), secure payments systems, and other DLT-based solutions.

Ling Wu, founder and CEO of TBCASoft and co-chairman of the CBSG Consortium, noted that the organization has been hard at work in the field working on items including Identity verification and authentication soon. The DLT cross-carrier payments pilot is scheduled to go live in the first quarter of 2019.

Home to several cryptocurrency exchanges and blockchain projects, South Korea is fast becoming a global AI and fintech heavyweight. As previously reported by BTCManager, earlier this year, the South Korean city of Seoul invested a whopping $2 billion in its artificial intelligence industry to foster faster growth and development.