Payments, Japan, Blockchain, MUFG

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 as high as 10 million transactions per second for small payments.

Read more: ZenGo Joins Visa Fast Track Program to Get Non-Custodial Crypto Card Off the Ground 

Founded in May 2018, GO-NET is a joint venture between MUFG and Akamai, with the bank owning 80% of the firm’s stake. The collaboration between the two companies in developing the payment platform started as early as 2016, according to CoinDesk Japan.

While MUFG can leverage its existing financial services to increase the adoption of the network, Akamai helps GO-NET build its infrastructure with around 280,000 servers in 136 countries and the blockchain technology that comes with a native wallet.

MUFG has been working on its own digital currency, MUFG Coin, for several years. It is unclear if the blockchain payment network is related to the bank’s coin initiative. 

GO-NET expects the payment services to be fully functional across Japan by the summer of 2022.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials

Financial authorities in Hong Kong have announced a second phase of trials for mainland China’s digital currency. As part of the upcoming tests, the city will link the Chinese digital yuan to its domestic payments system to evaluate the CBDC’s usability in cross-border scenarios. Hong Kong Residents to Load E-CNY Wallets via Mobile Phones China […]

Xem chi tiết: Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials

Uganda Museum Collaborates With Software Development Firm to Create NFTs for Display on Binance Marketplace

One of Africa’s oldest museums, the Uganda National Museum (UNM), is set to create digital representations of the unique artifacts that are on display at this facility. Working in concert with software development firm Murcom, Uganda’s biggest museum is expected to display and auction the digitally represented items on Binance’s non-fungible token (NFT) marketplace. Uganda […]

Xem chi tiết: Uganda Museum Collaborates With Software Development Firm to Create NFTs for Display on Binance Marketplace

Crypto Payments App Bottlepay Is Now Available Across Europe

U.K.-based crypto payments provider Bottlepay has started offering services in other European countries. Users on the Old Continent will be able to send and receive even small amounts of euro and also buy, store and spend bitcoin with merchants accepting cryptocurrency. Bottlepay Promises Low-Cost Transactions in Euro and Bitcoin The Bottlepay app will allow Europeans […]

Xem chi tiết: Crypto Payments App Bottlepay Is Now Available Across Europe

Amazon Job Listing Seeks Blockchain Lead – Internet Giant Looks to Create ‘Business Use Cases Across Defi’

Amazon is looking for a blockchain expert, according to a job posting published on the company’s employment portal. The firm wants someone who is “passionate about blockchain and decentralized networks†and someone who can build innovative “business use cases†across decentralized finance (defi). Online Marketplace Amazon Hopes to Hire a Head of Product to Lead […]

Xem chi tiết: Amazon Job Listing Seeks Blockchain Lead – Internet Giant Looks to Create ‘Business Use Cases Across Defi’

Government Cannot Stand in the Way of Crypto Technologies, Iran Minister Says

New technologies, including blockchain and cryptocurrency mining, have helped Iran to increase budget receipts and withstand foreign sanctions, according to the country’s minister for economy and finance. The high-ranking official believes the government can’t interfere with their development for too long. Government Official Cautions Against Impeding Crypto Development Over the past few years, Tehran has […]

Xem chi tiết: Government Cannot Stand in the Way of Crypto Technologies, Iran Minister Says

Kalashnikov Eyes Digital Ruble Settlements as Russia Aims to Replace ‘Dirty Money’

Kalashnikov Group, the Russian firearms manufacturer, is ready to transition to settlements in digital currency. The announcement came from the international economic forum in Saint Petersburg where the central bank of Russia reaffirmed its intention to replace “dirty†and “infectious†paper cash with the digital ruble that’s currently under development. Russia’s Kalashnikov Concern Looks Forward […]

Xem chi tiết: Kalashnikov Eyes Digital Ruble Settlements as Russia Aims to Replace ‘Dirty Money’

Pepe the Frog Creator Launches NFTs Featuring the Infamous Internet Meme

The infamous Internet meme “Pepe the Frog†will be immortalized in non-fungible token (NFT) collectible form by the frog’s original creator Matt Furie. Of course, Pepe has been featured in blockchain art before and a series of cards were created via Counterparty in 2016. However, despite the number of NFT rare Pepes on the web, […]

Xem chi tiết: Pepe the Frog Creator Launches NFTs Featuring the Infamous Internet Meme

European Union to Release Digital Wallet for Payments Next Year

The European Union (EU) will launch a digital wallet allowing citizens of any country in the bloc to make payments and access services provided by each state, also allowing for the storage of digital ID information. The wallet, which will reportedly be launched next year, could be tied in with the digital euro project, a […]

Xem chi tiết: European Union to Release Digital Wallet for Payments Next Year

Why On-Chain Governance Is Critical for Blockchain Growth and Longevity

Pepe the Frog Creator Launches NFTs Featuring the Infamous Internet Meme

Mt Gox Claimants Have Until October to Vote on Trustee’s Rehabilitation Proposal

Relief Payments Coming? 80 Legislators Press Biden Administration for a Fourth Round of Stimulus

Japan’s Top Financial Watchdog Sends a Warning Crypto Derivatives Exchange Bybit

BOJ’s Kuroda Criticizes Bitcoin — Central Bank Governor Says Trading Is ‘Barley Used for Settlement’

Russian Lawmakers Move to Allow Crypto Payments Under Contracts

BOJ’s Kuroda Criticizes Bitcoin — Central Bank Governor Says Trading Is ‘Barley Used for Settlement’

Other Articles