LG U + Comes To The Blockchain Payment System
LG U + said on Sunday that it is teaming up with telecommunications and technology partners from Japan, Taiwan and the United States to launch a cross-payment system based on blockchain.
Korean telecommunication LG U +, as well as Japanese SoftBank and Taiwanese Far EasTone plan to provide their subscribers with the opportunity to pay for the goods by phone in affiliate stores in three countries on the basis of the blockchain platform developed by the American company TBCASoft.
For example, when a SoftBank subscriber visits Korea and pays for cosmetics at the Face Shop store, which will be a partner of LG U +, the purchase will be withdrawn from the buyer’s phone account next month. When the buyer pays a monthly phone bill, SoftBank will transfer the money spent by the buyer in Korea back to LG U + via the blockchain system.
LG U + said that payment using a cross-payment system based on blockchain will help travelers save commission on credit cards or commissions for currency exchange when making purchases abroad.
Tests cross-payment system will begin in the first half of next year. After the system is commercialized, LG U + hopes to develop discount promotions for travel programs in conjunction with customers’ phone plans.
