The Carrier Blockchain Study Group (CBSG) Consortium is working to resolve that core problem.
Established in September 2017, the group offers a safe method for telecom clients to carry out digital payments directly using their carriers through the use of blockchain technology.
Blockchain focused startup TBCASoft, a founding member of the CBSG, has revealed that Taiwan-based Asia Pacific Telecom Co. Ltd (APTG) and a US headquartered mobile carrier successfully finished Proof-of-Business (PoB) payment transactions.
Utilizing the Cross-Carrier Payment System (CCPS), a blockchain ecosystem built by TBCASoft, payments can be made straightaway in the user’s currency via their mobile carrier.
The CBSG associated itself with local vendors in Taiwan to finish transactions via APTG’s payment platform, Gt Pay.
All partakers in the endeavor were mobile subscribers of a US based telecom firm. APTG Vice President of Marketing Mei-Hui Teng gave its opinion on the achievement of the PoB:
“[We] will be one of the first carriers to launch the cross-border payment service and commercialize it in the Taiwan market. We foresee the strong growth of overseas travel and the popularity of the e-wallet service; our cross-border mobile payment service will create a considerable benefit to APTG’s subscribers. The service can help travelers reduce foreign transaction fees and enjoy the benefits of mobile cashless payments.”
Notably, it is not the first blockchain platform to understand the benefits of strategic partnership.
Samsung Pay joined hands with the payment platform Finablr to provide cross-border payment services to its users.