Samsung SDS announced an agreement with Syniverse, a Florida-based mobile communications firm, that would allow anyone with a mobile phone to transform that device into a payments device.
Samsung SDS will combine its universal platform technology with the Syniverse universal commerce blockchain solution and its mobile engagement platform to create a platform that allows mobile users to send funds, transfer loyalty points or send other digital currency to any other individual or business, regardless of carrier or location.
"The need for simple, fast, secure, auditable and cost-effective monetary transactions is growing worldwide," Scott Koo, president Samsung SDS America, said in a company release. "Today the cost to consumers and merchants is too high."
He said the proven ability of blockchain along the scalable and flexible technology from Nextledger, along with Syniverse's experience in payments and settlement create an opportunity to lead the market in frictionless mobile commerce using the phone.
"Our goal is to establish universal financial transaction trust for every connected device in the world," Dean Douglas, president and CEO of Syniverse, said. "As part of this, we're focused on reducing the friction of cross-regional mobile payments and addressing the ever increasing regulatory requirements by leveraging blockchain technologies."
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