MUFG has been working with Akamai for some time on the GO-NET blockchain payment network, where MUFG owns 80% and Akamai the balance. First unveiled in February 2019, the latest news is the announcement of a timescale for launch with baby steps starting in 2021.
Delivering low-cost micropayments is the goal of the network. That will start with small credit card payments and loyalty point cards but ultimately will also encompass IoT transactions. MUFG owns one of the larger Japanese credit card firms.
According to Nikkei, the first step will be in February and March 2021 when it integrates payment terminals from Seiko Solutions with its own credit card company Mitsubishi UFJ NICOS and then other card firms. In the summer of 2021, it plans to launch a credit card payment service for soft drink vending machines enabling touch payment. The key advantage is reducing the card processing cost from an average of five yen per drink to around one yen.
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