Samsung SDS has signed a memorandum of understanding (MoU) with Syniverse to develop a wallet-based mobile payment platform.
The payment platform will be designed to enable cross-region mobile transactions for mobile operators and enterprises in other industry verticals.
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The collaboration will leverage SDS’s Nexledger Universal platform Syniverse’s blockchain solution Universal Commerce and Mobile Engagement platform to develop the payment platform.
It will allow remittances and transfer of digital currencies to mobile users or merchants across the globe. The payment platform will work with all mobile operators, the two companies noted.
Syniverse CEO and president Dean Douglas said: “Our goal is to establish universal financial transaction trust for every connected device in the world.
“As part of this, we’re focused on reducing the friction of cross-regional mobile payments and addressing ever-increasing regulatory requirements by leveraging blockchain technologies.”
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By GlobalDataSamsung SDS America president Scott Koo said: “The need for simple, fast, secure, auditable and cost-effective monetary transactions is growing worldwide. Today the cost to consumers and merchants is too high.
“The proven attributes of blockchain along with the scalability and flexibility of Nexledger Universal, and Syniverse’s decades of payment and settlement experience, create the opportunity to lead the market in delivering a frictionless phone-to-phone or phone-to-merchant payment engine for secure, simple exchange of value.”
