Connect with us

Ripple News

LG Corps and CBSG Consortium Plans to Rival Ripple, Trials Cross Border Payment Solution

Published

 

on

lg ripple

LG Corps is planning to trial cross border blockchain based payment solution through its cellular division, LG U+ Korea Times has reported. This move will see the mobile phone manufacturer specifically devise a timely solution meant for international travelers globe-trotting across Taiwan, United States and Japan. In this arrangement, movement of funds will be facilitated by partnering telecoms and banks effectively rivaling services offered by Ripple and its competitor, Stellar.

Cross Border Payment solution

The blockchain-based solution, Cross-Carrier Payment System (CCPS) will be innovated and rolled out by Silicon Valley’s TBCASoft leveraging on Rich Communications Service. CCPS has been proven to be flexible and because it works via APIs it can be effectively coupled with RCS enabling frictionless yet cheap local and overseas payments. 

The RCS global messaging standard can also be conveniently used to send a payment. The flexibility of the CCPS blockchain API enables the recipient to use an RCS-based messaging app or legacy messaging service like SMS or mobile email, to receive person-to-person (P2P) money transfers through the RCS wallet app either in the same country or overseas

This service will enable international travelers subscribed to LG+ network to make payments in foreign countries with settlements done in local currencies via the convenient RCS service.  All billings will be made in the subscriber’s local currency.  

Customers will have the benefit of an overseas payment system based on convenient, economical and secure blockchain technology. And in addition to the overseas payment solution, LG U+ will continue to develop new business opportunities with CBSG blockchain and global telecom leaders.”

Softbank and Fast EasTone Deal

Already, LG U+ has signed a memorandum of understanding with a Japanese bank, Softbank and Taiwan’s cellular carrier Far EasTone with trials set to begin early 2019. However, to prevent unnecessary mark ups for subscribers travelling between Taiwan, South Korea and Japan, EasTone and Softbank customers can use the direct billing services without having to contend with extra fees through FX charges saving billing costs on the customer.

RippleCoinNews Newsletter

Keep Up With Blockchain Technology Updates and Ripple XRP Coin News & Price Analysis.

* We value your privacy and will never share your information with anyone.

2 Comments

2 Comments

  1. Jan Rozsypal

    September 18, 2018 at 4:59 am

    It is rather a direct competitor for Stellar. Two of them will be spending resources on fighting for turf, and have less power to extend into ripples territory. Ripple will benefit.

    • Raj

      September 23, 2018 at 11:29 am

      This space is all about territory free business…no Ripple has no territory associated with it. Once LG and Samsung jumps into this then its game over for these crypto hyped projects…brand is what matters

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertise



Live XRP Price




Newsletter

RippleCoinNews Newsletter

Keep Up With Blockchain Technology Updates and Ripple XRP Coin News & Price Analysis.

* We value your privacy and will never share your information with anyone.

Advertise


Advertisement Ledger Nano S - The secure hardware wallet

Trending