LG Uplus to Offer Blockchain Payments for International Travelers
South Korean mobile company LG Uplus announced plans to enable cross-border payments system built on blockchain technology.
According to a press release published on the 13th of September, LG Uplus Corp. and Far EasTone Telecommunications Co. Ltd. signed a MoU (Memorandum of Understanding) to work together on a cross-carrier blockchain platform called CCPS (Cross- Carrier Payment System).
The firm announced it joined with global partners in Japan, Taiwan, and the United States to give subscribers the opportunity to use a blockchain-based overseas payment service.
The new payment service allows users of one network to transact with another payments network in a frictionless manner. The first trial for the LG+ payment system will be conducted in early 2019. The Cross Carrier Payment System will use blockchain technology to transmit payments.
“Customers will have the benefit of an overseas payment system based on convenient, economical and secure blockchain technology,” Joo Young-joon, director of the mobile services at LG Uplus was quoted as saying.
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