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