Proof-of-Business(POB) Makes Cross-Carrier Payment System a Success

News / 19.02.2020

As blockchain technology development continues perpetually, different issues arise daily. The greatest challenge stands to be how blockchain-based institutions can easily avail services and likewise efficient for people in every corner worldwide. In Sept 2017, the Carrier Blockchain Study Group (CBSG) Consortium was established to facilitate secure and direct digital payments with blockchain technology.

A press release on February 18 saw the Blockchain platform TBCASoft, one of the founding members of CBSG, make a breakthrough announcement. The statement mentioned Asia Pacific Telecom Co. Ltd. (APTG, based in Taiwan) and a United States mobile carrier have succeeded in making it possible to complete Proof-of-Business (PoB) payment transactions.

TBCASoft developed a blockchain network using the Cross-Carrier Payment System (CCPS). The network enables users to directly make payments using their currency via a mobile carrier convenient to them.

Local Merchants from Taiwan got engaged by the CBSG in completing transactions via APTG’s payment system (Gt Pay). All the people involved were mobile subscribers using a U.S based mobile carrier.

The APTG Vice President of Marketing, Mei-Hui Teng, spoke about PoB’s success while stating the company strives to become one of the leading carriers to introduce cross-border payment service and commercialize it in Taiwan.

He also said they anticipate a robust growth of overseas travel and the gripping of the e-wallet service; it is only a matter of time for the cross-border mobile payment service to develop benefits to APTG’s subscribers. Travelers can enjoy low foreign transaction fees as well as reap benefits from mobile cashless payments.

Previously, Samsung Pay formed a partnership with Finablr on October 3, 2019, to make cross-border payments an option for its users.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.