The high-speed blockchain-based payment network recently launched its first service to connect payment service providers.
GO-NET Payment Network is Now Live
According to a report by Ledger Insights published on April 7, GO-NET – a blockchain-enabled payment network set up as a joint venture between Japan-based MUFG and tech partner Akamai – is now live.
For the uninitiated, GO-NET is positioning itself as a domestic payment settlement layer akin to the big players such as Visa and Mastercard in the same industry. Notably, the network has also partnered with these two industry stalwarts for strategic purposes.
GO-NET offers a wide variety of robust and innovative features such as low cost, minimal latency, and unparalleled security.
Per sources close to the matter, merchant acquirer fees via GO-NET are significantly low, especially for small transactions where the fees are sometimes uneconomic. This makes GO-NET an ideal platform choice for micro-transactions such as card payments at vending machines, loyalty points, and others. The network is also keeping a close eye on IoT payments in the future.
It is worthy of note the GO-NET network claims to be capable of processing 100,000 transactions per second. This high-performance could majorly be attributed to the network’s permissioned nature.
With regard to IoT-based payments, Hitachi is GO-NET’s major partner and is actively mulling implementing the new payment network in its IoT platform Lumada.
Plans Ahead
GO-NET already has additional services and features that are slated to be unveiled later in the year, including the ability to send pass-through payments data, providing balance and related data, and plans for a blockchain as a service offering, the report reads.
Commenting on the development, Stephen Adams, Head of Business Strategy and Planning, Visa Worldwide (Japan), noted:
“Cashless payment needs for low-price, high transaction frequency markets like vending machines are rising. Through our partnership with Global Open Network Japan, Inc., we will continue to endeavor our goal to create an environment to enable payment anywhere, anytime.”
In similar news, BTCManager reported that the Bank of Japan has commenced its first testing stage involving CBDCs.
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