Korean Mobile Carrier LGU+ Starts Using Blockchain for Overseas Payments

 LGU Plus is a South Korean mobile carrier owned by the fourth largest conglomerate in the country – LG Corp. The company announced, that it is going to launch a blockchain-based cross-carrier overseas payment services.

LG UPlus has signed an MoU for the development of a new kind of service. Some company`s global partners, such as Far Eastone Communications, a Taiwan-based company, Japan`s Softbank, US-based TBCASOft, will participate in the project, as well.

The service will allow the telecom users to perform transactions from one payment network to another.

This first trial of the system is planned for the beginning of 2019, the system is now under development and testing.

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