Korean mobile operator LG UPlus launches Blockchain payment system

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LG UPlus from South Korea, mobile operator, owned the fourth-largest conglomerate LG Corp., launches cross-platform payment service based on Blockchain.

Last Thursday, September 13, LG UPlus signed a Memorandum of understanding on the development of new services, along with three global partners: the Taiwanese company Far EasTone Telecommunications SoftBank and Japanese TBCASoft on the basis of the United States. Thanks to the new service users of one operator can conduct transactions at other payment networks.

According to the source, the first test of cross-transactions for partners with LG UPlus on the basis of the Blockchain (CCPS) planned for early 2019.

It is reported that CCPS will use the Blockchain technology to provide a mechanism for the rapid calculation services. This will mean that users can avoid fees for transactions with foreign credit cards and are isolated from the effects of currency fluctuations, since they are ultimately paid through their interpreter in their national currency.

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