SoftBank Corp is not a bank, but a major Japanese provider of telecommunications services, also known as the largest of Uber shareholders. Nevertheless, SoftBank has a direct relationship to the subject of payments – in the next few days, together with its partners, Proof of concept will present mobile payment systems using blockchain equipment.
SoftBank’s partners in this project were IT-company Synchronoss Technologies and developer of blockchain solutions TBCA Soft. The solution developed on the basis of the RCS (Rich Communication Services) messaging standard and the blockchain platform developed by TBCA Soft will allow mobile users of different operators to transfer payments to each other.
Synchronoss’s contribution to the project is a multi-channel communication platform that allows exchanging data via e-mail, SMS and RCS, which is believed to replace SMS with time. Actually, this platform is already running and working in Japan, now it is about combining its capabilities with blockchain and payments. And payments are not within the users of one mobile network, but between different operators.
The partners claim that they have completed work on the RoC platform, which allows users to carry out a wide range of activities related to mobile payments, for which only their smartphone is needed.
For example, a client of a Japanese mobile operator using this solution can go to the US, and make purchases there and other transactions in dollars – both purchases in stores and other payments, the benefit of the RCS standard allows it. And the developers promise that it will be possible to transfer funds both within the host country and to any other point.
As vice-president of SoftBank Takeshi Fukuizumi stated, combining RCS and blockchain capabilities allows to fully realize all the potential that mobile communication operators are able to offer the user.
“It’s not just about making life easier for large trading companies, but giving them new opportunities,” he explained. “We plan to offer the average user all the functionality that was still available to large brands.”
In turn, the president and CEO of Synchronoss Glenn Lurie noted that RoC will demonstrate truly new opportunities, and that the combination of RCS and blockchain machinery can give a new impetus to the development of the industry.
“Such a technology can change the market beyond recognition, in terms of approaches to messaging and making payments,” he added. “The bundle of the blockchain and RCS will create new opportunities for all – consumers, brands and businesses, which in turn will result in additional revenue for mobile operators.”
It is expected that the presentation of the RoC will take place during the Mobile World Congress Americas conference that will be held September 12-14 in the United States.