Samsung will develop a wallet-agnostic mobile payment platform in partnership with blockchain firm Syniverse.
The two tech companies aim to enable regulatory-compliant, cross-region mobile transactions for mobile operators and businesses in the logistics, financial, travel and hospitality, media and entertainment, and retail sectors.
A recent press release states the companies will bring together Samsung SDS’s Nexledger Universal platform and Syniverse’s blockchain solution Universal Commerce to develop a common platform that will work with any mobile operator and allow any mobile user to send money, loyalty points, or other digital currencies to other mobile users or merchants across the world.
Samsung SDS and Syniverse will develop the platform with the philosophy: “Your phone number has become your easiest payment method.”
A Syniverse spokesperson said: “Samsung SDS and its Nexledger Universal platform allow enterprises to take control of distributed transactions, securely and conveniently.”
What a day at #CES2020! @Syniverse and @SamsungSDS leaders met to announce a partnership on a #blockchain platform that will simplify and standardize #mobilepayment. We can’t wait to get started! https://t.co/Ku7ocCpWvY pic.twitter.com/ujYLyjF77m
— Syniverse (@Syniverse) January 10, 2020
“The platform has been implemented in various fields, such as finance, manufacturing, logistics, and the public sector.
“Nexledger Universal offers a flexible application programming interface that can be applied to different blockchains like Ethereum, Hyperledger Fabric, and Samsung’s own Nexledger Consensus Algorithm.
“In addition, Nexledger Universal can interoperate with diverse wallet-device architectures from vanilla Android to the defense-grade Samsung Knox for exceptional security when needed.”
Syniverse claims its platform connects more than 7 billion mobile devices in 158 countries and annually processes more than $35 billion in transactions for mobile operators and enterprises.
The company claims to reduce the friction of doing business in a revenue-sharing world of large-scale global services and technology.