This press release features multimedia. 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.
Three technology companies including Uber's biggest shareholder SoftBank, have trialed a global payment service using a blockchain platform. A customer can travel from Japan to the U.S and make a purchase in dollars with RCS, supported by Synchronos and SoftBank. The system will be based on the global messaging standard, Rich Communication Services (RCS).
The payment service dubbed, Cross-Carrier Payment Service (CCPS) blockchain API enables the users to receive person-to-person money through the RCS app in either currency, according to a statement released by the company.
The Tokyo, Japan-headquartered multinational holding conglomerate SoftBank Group Corp. has announced that it has successfully completed a blockchain-based proof-of-concept (PoC) that allows peer-to-peer (P2P) mobile payments across different mobile carriers. "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".
The firms also claim that users will be able to use the platform to spend and transfer cryptocurrency anywhere in the world using their mobile devices.
"RCS messaging will become the foundation for a new, feature-rich marketplace for brands and merchants, both large and small, to interact with subscribers", Lurie continued.
RCS, a global messaging standard, can be understood as the next generation of text messaging, as TechCrunch explains.
The upcoming mobile payment service will be based on the Rich Communication Services (RCS) global messaging standard and TBCASoft's cross-carrier blockchain platform.
Based on the announcement, the partners jointly created the blockchain-based PoC, which notably integrates RCS with a distributed network deployed across participating carriers. Furthermore, it will be integrated into a blockchain based platform. TBCASoft is located in Sunnyvale, California, the center of Silicon Valley.