Japanese financial giant the Mitsubishi UFJ Financial Group (MUFG) aims to launch a blockchain technology-based payment service in spring 2021, along with American cloud and network firm Akamai Technologies.
Akamai is based in Cambridge, Massachusetts, and, per Nikkei, the new platform will provide “high-speed, large-capacity services” and serve a number of financial needs, including support for billing and micropayments. The platform will reportedly make its debut in February or March next year.
The media outlet claimed that the two firms have created a joint-venture business named Global Open Network and plan to utilize the new platform in “various payment scenarios” to meet the challenges of the IoT (Internet of Things) era.
The deal will also reportedly involve the Japanese firm Seiko Solution and its CREPiCO network, billed as Japan’s first wireless credit card payment service.
Global Open Network also reportedly plans to launch a service that enables one-touch credit card payments at stores, vending machines and more – with 80% lower network connection fees (a common bugbear for micropayment processing firms).
MUFG and Akamai have been jointly researching blockchain technology for several years. In May 2018, they jointly announced the development of a new blockchain network that would provide services for a new payments platform.
As reported, MUFG is set to issue its own long-awaited digital currency “in the second half of the current financial year.”