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Samsung SDS and Syniverse launch blockchain-based mobile payment system

A report released by Ledger Insights in January showed that Samsung SDS, an ICT division of Korean electronics company Samsung Group, and telecommunication service company Syniverse have collaborated to develop a blockchain-based platform to achieve Sewing mobile payments. October 10, 2020.

Samsung SDS collaborates with Syniverse on mobile payments

According to the report, Samsung SDS and Syniverse have signed an agreement to develop a blockchain-based mobile payment platform.

According to reports, the new platform is designed to facilitate frictionless transactions between mobile operators and companies in all sectors of the global economy, including finance, logistics, travel and hospitality.

The team said that a common platform will be established to be compatible with any mobile operator, and users can send money, loyalty points or cryptocurrencies to other users or merchants around the world.

Nexledger Universal and Universal Business Powers Platform

It is worth noting that Samsung SDS’s enterprise-grade blockchain platform Nexledger Universal and Syniverse’s blockchain platform Universal Commerce and its mobile interactive platform will be used to develop mobile payment platforms.

Further reports indicate that the platform may not be limited to consumer applications; therefore, it may use 5G technology and the Internet of Things (IoT) to assist with payment settlement.

In addition, the platform will be irrelevant to the wallet, allowing users to use the payment system without registering for a new mobile wallet.

According to the team:

“Your phone number has become your easiest payment method.”

Carlyle Group, the private equity firm behind Syniverse, reportedly claims that it processes $ 35 billion in mobile transactions each year and connects to 7 billion devices.

On the other hand, Samsung SDS’s Nexledger Universal provides standardized service APIs by using multiple blockchain consensus algorithms.

In October 2019, Samsung SDS launched a blockchain solution in collaboration with Tech Mahindra, a subsidiary of Mahindra Group, and American software company Pega, which will enhance the traceability of the supply chain.

The assistants of the two companies are the U.S.-based fintech company Ripple Labs, which is responsible for XRP altcoin, and it is rapidly changing the payment landscape through distributed ledger technology (DLT).

Ripple recently partnered with Siam Commerical Bank, Thailand’s oldest bank, to launch a mobile banking interface to enable cost-effective, ultra-fast cross-border payments.

BTCManager informed on January 10, 2020 that global property stores and decentralized property registry Propy have completed real estate transactions using blockchain technology.

Information source: Compiled from blockchain information by 0x information. The copyright belongs to the original author and may not be reproduced without permission

0X Simplified Chinese Version: Samsung SDS and Syniverse Launch Blockchain-based Mobile Payment System

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