Softbank blockchain based service for mobile payments
Softbank blockchain based service for mobile payments

Softbank blockchain based service for mobile payments

By Fabio Lugano - 25 Sep 2018

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Softbank, the Japanese software and telephony giant, announces its intention to develop a blockchain-based mobile payment system through an agreement with Synchronoss Technologies and TBCASoft.

The system will be based on blockchain and RCS (Rich Communication Service) technology. Synchronoss has produced a secure multi-channel platform in Japan, covering services such as SMS, email and RCS, an advanced messaging system that aims to innovate the common SMS service.

TBCASoft, on the other hand, is a company that has already worked with Softbank in the Carrier Blockchain Study Group consortium to create the CCPS (Cross Carrier Payment Service) blockchain platform, which aims to simplify and streamline payments between different telephone companies that exchange services.

The companies have now joined forces to allow their payment system to take another step forward and support retail payments even between different international operators.

An example: thanks to this innovation, a Japanese tourist in Italy (Telecom Italia supports RCS services) will be able to pay for services and goods directly from their mobile phone, securely and through this platform, paying in dollars.

The same standard based on the RCS technology can also be used to send payments directly between people with the simplicity with which today we send an SMS, as long as both have the same type of wallet that can support RCS.

Takeshi Fukuizumi, Vice President of Softbank, said: “This 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 empowering 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 travelling habits”.

Softbank is a Japanese multinational with a global turnover of 66 billion euros and services ranging from telecommunications to software and robotics.

Fabio Lugano

Graduated with honors from Bocconi University, Fabio is a consultant for companies and wounded shareholders of the Banche Venete. He is also the author of "Scenari Economici", and lecturer and analyst of cryptocurrencies since 2016.

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