South Korean mobile company LG Uplus announced plans to enable mobile payments when customers travel to Taiwan and Japan. According to the
announcement, subscribers will be able to pay for items at selected retailers using their phone in these two countries. Likewise, Taiwanese subscribers of the Far EastTone service can do the same when visiting Korea and Japan. The payments use the blockchain-based
Cross Carrier Payment System (CCPS) announced by SoftBank and partners last week.
Last Thursday LG Uplus signed a memorandum of understanding with Far EasTone and SoftBank, with TBCASoft providing the blockchain platform. LG Uplus is South Korea’s third-largest mobile operator.
The CCPS system means customers can avoid overseas credit card transactions fees and reduce foreign exchange risks. Payments will go through their mobile account. And for the telecom companies, because the blockchain is a single shared ledger, there are no reconciliation issues between the companies. These cross-border payments probably wouldn’t be viable without blockchain.
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