LG Joins Ripple (XRP), Stellar (XLM) to Launch Blockchain-Based Overseas Payment System
LG Uplus, the mobile wing of LG, is joining the likes of Ripple (XRP), Stellar (XLM), and Swift, among others in providing the state of the art cross-border payment solution.
The firm announced it joined with global partners in Japan, Taiwan and the United States to give user the opportunity to use a blockchain-based overseas payment service.
In a declaration by the Korea-based mobile carrier on Sunday, the trial service is expected to start during 2019, and would employ the expertise of a cross-carrier blockchain platform referred to as CCPS (cross-carrier payment system).
Subscribers from other telecommunication carriers can also make cross-border purchase with the platform once available.
The idea, according to the Korea Times will be the first time a Korean mobile carrier has offered such an advanced service to subscribers.
LG U Plus signed an agreement with Taiwan-based Far EasTone Telecommunications and Japan-based SoftBank to adopt the innovation.
Meanwhile, the blockchain idea is to be provided by U.S.-based TBCASoft. When available, LG Uplus subscribers are able to use their mobile phones to buy when they travel to Taiwan and Japan, the same applies to Far EasTone subscribers when they visit Korea.
Joo Young-joon, director of the mobile service unit at LG Uplus, who spoke about the development said: “Customers will have the benefit of an overseas payment system based on convenient, economical and secure blockchain technology.”
“And in addition to the overseas payment solution, LG Uplus will continue to develop new business opportunities with CBSG blockchain and global telecom leaders.”
Also, Ling Wu, founder and CEO of TBCASoft, and co-chairman of the CBSG Consortium, said: “As the CBSG Consortium grows faster than expected, we are entering a new stage of launching real world trials that demonstrate the commercial readiness of the TBCASoft blockchain platform.”
Several platforms are seeking ways to solve the problems emanating from delayed cross-border remittance. Ripple, especially, has been doing great in this arena.
As more firms come into the section, there is hope that delayed payment, expensive transaction cost, and poor communication during transaction processes will become a thing of the past.