LG Uplus of Korea is planning to launch overseas settlement services based on a joint blockchain of five countries namely- Korea, Japan, Taiwan, China and Australia. It can be supposed as a strategy of LG Uplus to expand service area adding China and Australia following the existing three countries of Korea, Japan and Taiwan. LG Uplus, together with Japan's Softbank and Taiwan's Pistone, conducted contracts for establishing CCPS for offshore settlement system based on blockchain provided by US TBCA Soft recently.
It is said that CCPS connects mobile payment system to the blockchain and allow subscribers of each mobile to purchase via mobile payment system in each country while visiting other countries. In this process, the service user can pay amount of the overseas payment as communication fee next month and enjoy the advantage of post payment.
Articles in local Korean media also states that LG U + is in the process of proof-of-concept (PoC) for the commercialization of block-chain technology before the official launch of the service. After the PoC, consultations may take place to resolve the relevant regulations in each country. According to LG U +, The block chain-based payment system provides for customer convenience rather than profitability and will be developed into a new business that can be profitable in the future and the simple block chaining based payment system would minimize losses due to exchange rate fluctuations. It can also save the existing credit card overseas settlement fees or exchange fees.