LG’s Blockchain Service To Facilitate Cross‐Carrier International Payments — NullTX

Оригинал: https://nulltx.com/lgs-blockchain-service-to-facilitate-cross-carrier-international-payments/

LG’s telecom subsidiary, LG Uplus, has signed a memorandum of understanding that will see it offer its users blockchain‐based international payments. The service will begin trial early next year and will enable users to make payments in Japan and Taiwan, the first such product by a Korean telecoms operator. The service will eliminate the high costs associated with overseas credit card transactions as well as reduce the losses that are brought about by fluctuations in foreign exchange rates. The firm, which is among the big three in the country, also revealed that this is just the first in a series of products that will integrate blockchain technology as it seeks to take advantage of the technology to stay ahead of its competition.

Once launched, the service will allow LG Uplus’ customers to make payments in selected retail outlets in Japan and Taiwan. Japan is South Korea’s second‐largest trading partner, only behind China. As reported by local media, the new platform is scheduled to begin trial early next year. It will be based on a blockchain‐based cross‐border platform known as the cross‐carrier payment system. This system will enable a user of one mobile carrier to complete a transaction on payment networks operated by another carrier.

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