LG UPlus launches Payment System

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LG UPlus launches Payment System

LG UPlus launches Payment System based on Blockchain technology

  • LG Uplus Corp is a South Korean’s fourth largest conglomerate cellular carrier
  • The first trial of the LG UPlus partner’s blockchain-based cross-carrier payment system (CCPS) is on 2019
  • LG UPlus signs memorandum of understanding (MoU) to develop the new service with three global partners Taiwan-based Far EasTone Telecommunications, Japan’s SoftBank, and U.S.-based TBCASoft
  • Using CCPS users can avoid fees on overseas credit card transactions because they have to do payment through their carrier in their home currency
  • The service will allow LG UPlus Korean subscribers to purchase retail goods when using their cellphones in Taiwan and Japan
  • Softbank unveiled a new proof-of-concept (PoC) in partnership with Synchronoss Technologies and TBCASoft to use CCPS to allow users to conduct peer-to-peer money transfers globally using legacy messaging services such as SMS and email