South Korean cellular carrier LG Uplus, an arm of LG Corporation, has reported on launching a blockchain-based overseas payment service. U.S.-based TBCASoft is a project partner that provides a blockchain cross-carrier payment platform to LG Uplus. In addition, the company has inked deals with two other carriers – Japan-based SoftBank and Taiwan-based Far EasTone Telecommunications to work together on the trial.
The new service will allows LG Uplus service-users to make purchases at select retailers via their cellphones when they travel to Taiwan and Japan. At the same time, Far EasTone and SoftBank users will be able to shop via phone-based payments when traveling in Korea and Japan.
“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 Uplus will continue to develop new business opportunities with CBSG blockchain and global telecom leaders,” Joo Young-joon, director of the mobile services at LG Uplus told.
LG Uplus’ solution is aimed to speed up the payments process and avoid costly international card transactions as the service bills for transactions through the carriers to be paid in users’ national fiat currency via their mobile bills. The service also reduces the risk related with exchange rates fluctuations.
As a reminder, late in August, South Korean TV launched the world’s first blockchain survival reality show, dubbed ‘Block Battle — Who`s Next Satoshi.’ It will be aired on Asia economy TV as from October 19th. The project pushes multiple blockchain development teams with the aim to find the next Satoshi Nakamoto in that battle. The TV show will bring together the best blockchain developers to pick 10 teams for the final.The winner will get a grand prize of 1 hundred million Won ($89748 USD) as well as the “opportunity to be funded by global investment funds”.