SoftBank, a Tokyo headquartered tech giant, has successfully developed a blockchain based proof of concept (POC) to be used in peer to peer mobile payments. The initiative is based on Rich Communication Services (RCS) international messaging standard and uses the TBCASoft’s blockchain platform. The project has been developed by Softbank in conjunction with Synchronoss Technologies Inc (SNCR) an American based firm which offers secure mobile cloud, white label, digital solutions and RCS messaging. Also involved in the development is TBCASoft Inc, a US-headquartered blockchain startup. According to an announcement made on the SoftBank’s website, the three companies have completed the mobile payments protocol.
RCS To Interfere With Mobile Payments
Rich Communication Service is a protocol used by multiple mobile carriers to communicate effectively. The upcoming project will, therefore, allow users to carry out a range of in-store, digital and mobile transactions directly through the mobile devices. For instance, a Chinese user can make the payments using British pounds when on a trip to the UK.
The primary aim of RCS is to replace the normal SMS messaging with a feature-rich-text system which hosts effective transmission of documents, voice calls, and also provides seamless integration of many mobile Apps. All payments will be made using the RCS international messaging standard. The system will also support application programming interfaces (APIs) which allow the payment recipient to use the RCS email or SMS, to receive the peer to peer transaction. However, the recipient will be required to have the RCS wallet App, whether they are in the same country with the sender or not.
The use of the blockchain based RCS service will revolutionize mobile money transfers since the users will conveniently transfer the funds held in their mobile wallets. These wallets will also be part of the RCS system. The convenient cash transfer system will be useful to all traders, but mainly to those who transfer facilities abroad.
Commenting on the new initiative, Takesh Fukuizumi, the vice chairman of SoftBank said that the new service would provide the flexibility that customers need to make payments. He also stated that the new service had been created using the latest technology methods to make it suitable for the future use.
Takeshi added that;
the blockchain based RCS mobile payment shows the value of the operator led services. The payment method will also empower merchants to continue adopting the digital mobile transfer method, at a scale which was previously available for the bigger brands.
In the same link, the Synchronoss CEO Glen Lurie said that using blockchain and RCS to design new payment and messaging services created opportunities for new ideas, opportunities, and more businesses as well. He further stated that the new RCS messaging would create a perfect platform for both small- and large-scale businesses to interact with their subscribers and shoe their expertise as well.
SoftBank has been actively involved in several blockchain projects. Last year, the company started an international consortium known as the Carrier Blockchain Study Group (CBSG), together with other major carriers like TBCASoft and Taiwan Based FarEasTone. The main aim of the project was to create a blockchain based payment carrier, which they developed using PoC.
With an already established reputation and investment records in technological investments, the initiative will be a new age revolutionary service which will undoubtedly disrupt the current payment and messaging market.
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