Korean mobile carrier rolls out blockchain-based cross-border payments

Monday 17 September 2018 00:04 CET | News

South Korea’s LG UPlus, a mobile carrier owned by the country’s large conglomerate LG, is launching a blockchain-based cross-carrier overseas payment service.

At the beginning of September 2018, LGU Plus signed a MoU to develop the new service alongside three global partners: Taiwan-based Far EasTone Telecommunications, Japan’s SoftBank, and US-based TBCASoft. Through the new service, users of one telecoms carrier will be able to frictionless complete transactions on the payment networks of another.

The first trial of the LG UPlus partners’ blockchain-based cross-carrier payment system (CCPS) is slated for the beginning of 2019.

CCPS will reportedly deploy blockchain to enable a prompt settlement mechanism in cross-carrier services. This will mean that users can avoid fees on overseas credit card transactions, and are insulated from the effects of fluctuating foreign exchange rates as they are ultimately billed through their carrier in their home currency.

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Keywords: LG Uplus, cross border payments, Korea, blockchain
Countries: World