Mitsubishi UFJ Group To Launch Blockchain-Based Payment Platform

The Japanese financial mogul the Mitsubishi UFJ Group aims to launch a blockchain-based payments platform service in 2021 along with American cloud and network company Akamai Technologies as we are reading in today’s Blockchain news.

Akamai is based in Cambridge, Massachusetts and according to Nikkei reports, the new platform will provide “high-speed, large-capacity services” and serve a number of financial needs like support for billing and micropayments. The platform will make its debut in February or March next year. The media outlet also claimed that the two companies created a joint-venture business named Global Open Network and plan to utilize the new platform in different payment scenarios to meet the challenges of the IOT era.

The deal involves the Japanese company Seiko Solution as well as its CREPiCO network that is seen as Japan’s first wireless credit card payment service. Global Open Network also plans to launch a new service that enables one-touch credit card payments at stores, vending machines, and even more with 80% lower network connection fees as a bugbear for micropayment processing firms. The financial giant Mitsubishi UFJ Group will issue its own long-awaited digital currency in the second half of the current financial year.

As reported previously, the largest bank in Japan-Mitsubishi UFJ Financial Group is planning to launch its own digital currency. According to reports by Japan Times, Mike Kanetsugu-the Group President revealed the plan. He stated that the bank will likely offer the ‘’Coin’’ to retail businesses and restaurants aiming to reach a higher level of adoption. He also revealed that the Coin will enable businesses to participate in finding information about their customers and how to provide better services.

The MUFJ also made clear that digital currencies are a way to reduce the costs that occur with physical currencies. Kanetsugu also believes that by launching the Coin, the entire financial infrastructure will set the path for a business to adopt it. Since 2018, the bank launched a test run for the digital currency for its employees only which turned out to be a great success. The test showed that the Coin will have ‘’institutional transfer Capabilities.’’ Coin will also be integrated into the Bank’s mobile app which will allow users to manage all of their credit cards in one place. The smartphone app will help the users to manage their reward points and also perform multiple managerial functions.