South Korean mobile operator LG U + launched an international payment system based on Blockchain

19.09.2018

On September 13, South Korean mobile operator LG UPlus signed a memorandum of understanding to develop a new service together with three international partners: Taiwan's Far EasTone telecommunication company, Japanese SoftBank and American TBCASoft. With the new service, users of one service provider can freely make transactions on the payment networks of another.

According to the Korea Times, the first trial payment version based on the CCPS (cross-carrier payment system) is scheduled for early 2019.

CCPS is reported to use blockchain to provide a mechanism for rapid reconciliation between operator networks. Users will be able to avoid commissions on transactions with foreign credit cards and volatility of exchange rates, since accounts are ultimately exposed through their operator in their national currency.

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