An enterprise division of Samsung signed an agreement with Syniverse to develop a global blockchain-based platform designed to simplify secure execution of mobile payments for operators and enterprises.
The partnership between Samsung SDS and Syniverse will use elements from existing blockchain platforms supplied by the two companies.
In a joint statement, the pair said they aimed to develop a “wallet-agnostic, mobile payment platform to enable regulatory-compliant, cross-region mobile transactions for mobile operators and enterprises”.
Samsung SDS America president Scott Koo noted the two companies had an opportunity to lead the market in delivering a secure “payment engine” for fund transfer between two handsets, or transactions from mobile devices to enterprises.
Syniverse CEO Dean Douglas added the use of blockchain technology could reduce friction associated with settling cross-regional mobile payments and address “ever-increasing regulatory requirements”.
The project is one of a number seeking to use blockchain technology to increase the security and traceability of mobile transactions with Alipay-owner Ant Financial one of the leading advocates.