The Crypto Times
Image default
Banks Blockchain News

TBCASoft Pairs with IBM and SoftBank to Launch a Blockchain-Powered Mobile Payment System

Blockchain firm TBCASoft joins IBM and telecom giant Softbank in adopting a cross-carrier mobile payment system that’s powered by digital ledger technology. The three companies aim to use their consortium to give carriers the capacity to leverage distributed ledger technology (DLT). 

According to a recent press release, the collaboration will allow telecommunication firms to use blockchain via the Carrier Blockchain Study Group (CBSG) Consortium. The group was established by SoftBank, Sprint and TBCASoft in 2017. 

Cross-Carrier Blockchain Network

Blockchain platform TBCASoft is said to have already developed a cross-carrier blockchain network comprised of 18 participants. The network reportedly plans to support use cases like digital identity, cross-border payments, and telecommunications supply chain. 

The CBSG Consortium plans to rollout its Cross-Carrier Payment System (CCPS) first. The application will reportedly improve transactions records and enable consumers to use their mobile phones to pay merchants abroad. 

Carriers currently provide over-the-top (OTT) payment features. The system allows payments utilizing a mobile wallet to be integrated into the customer’s monthly billing. CCPS will give subscribers the ability to use their present mobile wallets to make purchases even when on a roaming network. The CCPS’ unique feature will also lower the entry demands for merchant networks and mobile carriers and boost adoption. 

Ling Wu on the Topic

TBCASoft founder and CEO Ling Wu said that as pioneers of cross-carrier focused blockchain solutions, they have been working with the top telecom companies for the past three years. He said the project was under the auspices of the Consortium’s bid for greater adoption of its CCPS platform. 

Wu also claimed the collaboration will bring increased value to the telecom industry and to their partners and clients. 

The Cross-Carrier Payment System is said to open interoperability across various mobile carriers. This feature will reportedly create a merchant network that will be accessible to mobile users. 

Softbank holds the distinction of being the first to integrate CCPS to its network. The company is set to launch this new system in Tokyo next year. 

IBM is set to leverage the experience it will accumulate working with the majority of the world’s top telecom providers to support ecosystem scaling. Meanwhile, TBCASoft will reportedly use the tech behemoth’s blockchain platform in its product stack. The end goal is to extend open technology and assist with multiple cloud systems. 

Utpal Mangla, VP and Partner for Blockchain of IBM Telecommunications Services, states that cross-carrier payments will go a long way in transforming the way carriers engage with customers and partners in their quest to supply innovative payment plans.

Related posts

Singapore Wealth Fund Invests in Coinbase

Viena Abdon

Crypto Enthusiast John McAfee Announces Plan to Release Freedom Coin This Fall

Viena Abdon

Courts in France to Revolutionize Corporate Registry With IBM Blockchain Platform

Viena Abdon

Supreme Court Determines Bitfinex Under the Jurisdiction of NY Attorney General

Viena Abdon

CEOs of Leading Banks Testify at US Congress on Blockchain and Cryptocurrency

Viena Abdon

Controversial Vancouver Crypto Exchange Shut Down Due to Numerous Customer Complaints

Viena Abdon