LG’s mobile carrier, LG U+ will be offering globetrotters an easy way to transfer payments across Japan, Taiwan, and the United States via its Blockchain Payment Solution.
LG also partners with telecoms and banks across the countries facilitating this project.
Cross Carrier Payment Solution
Diving deeper, the project will rely on CCPS Blockchain (Cross Carrier Payment Solution). This would allow users to transact with other telecom carriers as well.
A memorandum of understanding was signed between LG U+(Seoul) and SoftBank (Japan), Far EasTone – a telecommunication company (Taiwan) for the project CCPS Blockchain platform.
Director of the Mobile services at LG U+, Joo-Young Joon was very optimistic about the venture into blockchain. Moreover, he added saying,
Customers will have the benefit of an overseas payment system based on convenient, economical and secure blockchain technology.
However, this project aims to avoid the high charges levied on the users for overseas transactions.
It will help reduce the risks usually involved in foreign exchange transactions, due to ever fluctuating currencies.
This is avoided by direct carrier billing, i.e. the transactions will be billed via the carrier’s home currency.
LG and CBSG
LG plans to bring more value and business opportunities with its partnership with CBSG (Carrier Blockchain Study Group). CBSG is a consortium of telecom carriers who are working to implement the blockchain technology. This telecom carriers’ want to extend their tech beyond payment sectors to identify and authentication for users.
What does this mean for the future of LG U+? Will Ripple and Stellar up their game and respond to LG’s move?
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