Japan’s Banking Giant MUFG Plans to Launch Blockchain Payment Network in 2021

Japan’s Banking Giant MUFG Plans to Launch Blockchain Payment Network in 2021


Mitsubishi UFJ Financial Group (MUFG), one of the largest banking institutions in Japan, is set to launch its high-speed blockchain payment network with the U.S.-based tech firm Akamai in 2021. 

MUFG and Akamai aim to provide cheaper and more efficient payment services via their joint venture Global Open Network (GO-NET). The network will integrate payment terminals from electronic device manufacturer Seiko Holdings with the bank’s credit card company MUFG NICOS in February, CoinDesk Japan reported. GO-NET initially announced the launch of the payment services in the first half of 2020. 

The network also plans in July of next year to start a service allowing customers to buy canned and bottled beverages at some vending machines in Japan by placing a credit card on a machine reader. GO-NET said its payment platform can process 100,000 transactions per second, which exceeds VISA’s processing capacity of about 70,000 per second. According to GO-NET, the platform can be expanded to reach

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