Blockchain payment network GO-NET rolls out service to connect PSPs

Wednesday 7 April 2021 12:26 CET | News

GO-NET (Global Open Network), a high-speed payment network that uses blockchain, has rolled out its first service to connect payment service providers.

Announced initially in 2019, GO-NET was set up as a joint venture between Japan’s MUFG (80%) and technology partner Akamai. According to Ledger Insights, it is positioning itself as a domestic payment infrastructure like the big card networks. The payment network is a messaging service that complies with the IOS 8583 message standard used by Visa, Mastercard, and ATMs. The GO-NET solution claims to be capable of 100,000 transactions per second.

One of GO-NET’s key benefits is its low cost, and therefore the network is well suited for smaller payments, such as using card payments at vending machines and loyalty points, with an eye on IoT payments in the future. Hitachi is a partner on the IoT front and is exploring incorporating GO-NET in its IoT platform Lumada.

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Keywords: PSP, blockchain, payments infrastructure, IOT, merchants, Visa, Mastercard
Categories: Payments & Commerce
Countries: Japan
This article is part of category

Payments & Commerce