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, will open its high-speed blockchain payments network with US-based technology company Akamai in 2021.
MUFG and Akamai want to offer cheaper and more efficient payment services through their joint venture Global Open Network (GO-NET). The network will integrate payment terminals from electronic device maker Seiko Holdings with the bank's credit card company MUFG NICOS in February, CoinDesk Japan reported. GO-NET initially announced the introduction of payment services in the first half of 2020.
The network also plans to launch a service in July next year that will allow customers to purchase canned and bottled beverages at some vending machines in Japan by placing a credit card on a machine reader. According to GO-NET, the payment platform can process 100,000 transactions per second, which exceeds Visa's processing capacity of around 70,000 per second. According to GO-NET, the platform for small payments can be expanded to up to 10 million transactions per second.
Related: 30 Japanese Companies Collaborate on Private Digital Yen: Reuters
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GO-NET was founded in May 2018 and is a joint venture between MUFG and Akamai. The bank holds 80% of the company's shares. According to CoinDesk Japan, the cooperation between the two companies in developing the payment platform began in 2016.
While MUFG can leverage its existing financial services to increase adoption of the network, Akamai is helping GO-NET build its infrastructure with around 280,000 servers in 136 countries and 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 whether the blockchain payments network is related to the bank's coin initiative.
Related: From PayPal to Libra: Big Tech forced central banks to wake up to CBDCs, says Benoit Coeure
GO-NET expects payment services to be fully operational across Japan by summer 2022.
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Japan's banking giant MUFG plans to launch the Blockchain Payment Network in 2021
Japan's banking giant MUFG plans to launch the Blockchain Payment Network in 2021

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