Proof-of-Business (PoB) Successful on Cross-carrier Payment System

News / 19.02.2020

As the development of blockchain technology continues, different issues are being dealt with daily. A great challenge is how best blockchain-based firms can make their services accessible and likewise practical for users in various nations.

The Carrier Blockchain Study Group (CBSG) Consortium was established in Sep. 2017 to offer a secure means of making direct digital payments with blockchain technology.

According to a press release on February 18, Blockchain platform TBCASoft, one of the founding members of CBSG, announced that Asia Pacific Telecom Co. Ltd. (APTG, based in Taiwan) and a United States mobile carrier have been able to complete Proof-of-Business (PoB) payment transactions.

TBCASoft came up with a blockchain network using the Cross-Carrier Payment System (CCPS) and it enables users to pay directly in their currency via their mobile carrier.

Taiwanese local merchants were involved by the CBSG in completing transactions via APTG’s payment system (Gt Pay). The people involved were mobile subscribers with a carrier based in the U.S.

According to APTG Vice President of Marketing, Mei-Hui Teng on PoB success, the company is going to be one of the pioneering carriers to introduce cross-border payment service and commercialize it in Taiwan.

He continued that they anticipate robust growth of overseas travel and the traction of the e-wallet service; the cross-border mobile payment service is going to develop notable benefit to APTG’s subscribers. Travelers can enjoy reduced foreign transaction fees as well as the benefits of mobile cashless payments.

Before now, Samsung Pay partnered with Finablr on October 3, 2019 to provide cross-border payments to its users.

Featured image courtesy of Shutterstock. Source: Cryptopress.

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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.