LG UPlus Launches Blockchain Payment Service

Game-Changing Payment System

In a bold move for cross-border commerce, South Korea’s LG UPlus has teamed up with global telecom pioneers to develop a blockchain-based payment service. Thanks to an MoU signed on September 13, 2023, with Taiwan’s Far EasTone Telecommunications, Japan’s SoftBank, and U.S.-based TBCASoft, this service promises to make international transactions smoother than ever.

How It Works

The forthcoming service, known as the Cross-Carrier Payment System (CCPS), will allow users to complete transactions across different networks seamlessly. Have you ever faced a surprise transaction fee while traveling abroad? Well, good news! This new system aims to save you from such nasty surprises by enabling payments directly through your home carrier.

First Trial Launch

The inaugural trial of this innovative payment solution is scheduled for early 2019, setting the stage for a revolution in how we handle international payments. Users can expect to make purchases easily with their smartphones in foreign lands – no more cash exchanges or jarring currency conversion!

A Practical Example

Imagine you’re a Korean LG UPlus subscriber browsing shops in Taiwan. With this new service, you can effortlessly buy that trendy jacket without racking up annoying overseas transaction fees. And Taiwanese users visiting Korea? They’ll have the same level of access and convenience. Talk about global shopping freedom!

Future of Blockchain in Telecom

Ling Wu, CEO of TBCASoft, has grand visions for this technology beyond just payments. According to him, this initiative is only the tip of the iceberg. Future applications may include identity verification and authentication — think of it as mobile cybersecurity wrapped in blockchain.

Carrier Blockchain Study Group (CBSG)

What’s more exciting is that this service stems from collaborative efforts within the Carrier Blockchain Study Group (CBSG), which includes Far EasTone, SoftBank, and TBCASoft. Established in late 2017, CBSG is not just about payments — it is pioneering a range of blockchain applications for telecoms, including a new working group dedicated to global remittance services and welcoming several more telecom giants into their fold earlier this summer.

SoftBank’s Latest Innovations

Just last week, SoftBank showcased a proof-of-concept taking things up a notch by enabling peer-to-peer money transfers via traditional messaging platforms. Imagine transferring money like you’re sending a text! The CCPS may be just the beginning of a broader landscape of opportunities made possible through blockchain.