LG to offer cross-border payment solution like Ripple & Stellar

The mobile wing of LG, LG Uplus, recently announced that it has joined with the global partners in Japan, Taiwan and the United States in order to offer subscribers an opportunity of blockchain-based overseas payment solution. According to The Korea Times report, the trial service is expected to start early next year. It is based on a cross-carrier blockchain platform known as CCPS (cross-carrier payment system). Reportedly, subscribers from other telecommunication carriers will be making cross-border purchase once the platform is available. This is for the first time that a Korean mobile carrier has offered such advanced service to subscribers. The news comes after an agreement was signed by LG U Plus signed with Taiwan-based Far EasTone Telecommunications and Japan-based SoftBank for the new payment service. While speaking about the development, the director of the mobile service unit at LG Uplus, Joo Young-joon, said, “Customers will have the benefit of an overseas payment system based on convenient, economical and secure blockchain technology.” He added, “And in addition to the overseas payment solution, LG Uplus will continue to develop new business opportunities with CBSG blockchain and global telecom leaders.” While the founder and CEO of TBCASoft, and co-chairman of the CBSG Consortium, said: “As the CBSG Consortium grows faster than expected, we are entering a new stage of launching real world trials that demonstrate the commercial readiness of the TBCASoft blockchain platform.” Many other platforms are trying to solve the problem of delayed cross-border remittance and Ripple, is doing great in this field. With more and more firms joining the section, we can hope that delayed payment, expensive transaction cost, and poor communication during the process of transaction will become a past. See also: SBI & Ripple build Payment Application for iOS & Android Ripple & XRP can save banks an average of 46% per payment: Royal Bank of Canada Image via Shutterstock Join our Telegram group