South Korean Telecom company LG UPlus, which is part of the fourth largest conglomerate in the country and LG Corp., launches international payment network, which is based on the blockchain technology. This writes the Korea Times.
The Memorandum of understanding between LG UPlus, Taiwan Far EasTone Telecommunications SoftBank Japanese and American TBCASoft was signed last week. With the new service, users of one mobile operator can carry out transactions in payment to other operators.
For example, users of LG UPlus will be able to buy goods using mobile phones while you are in Taiwan or Japan, while users Far EasTone will receive same opportunity while traveling in Korea or Japan.
It is expected that the launch of a new payment network in test mode will take place in early 2019. The blockchain technology will be used for fast confirmation of transactions and will allow users to save much on commissions, usually charged when you use for international payments by Bank cards. In addition, the solution will eliminate another common problem in the form of changing exchange rates.
As noted by the founder and CEO of TBCASoft Lin Wu, this international payment network will be the first step in a series of future blockchain solutions for telecommunications. According to him, next in line would be the system for identification and authorization of users.
We will remind, in August it became known that the China market with the blockchain-solution for international payments plans to reach Ripple.
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