Mitsubishi UFJ Financial Group Tests Cryptocurrency in an Unmanned Convenience Store

Mitsubishi UFJ Financial Group is testing usage of cryptocurrency in the payment of goods and services in its store. It is also piloting another program that could see customers pay bills in MUFG coin.

Mitsubishi UFJ Financial Group has announced a major breakthrough in using the AMZN.O authentication protocol with cryptocurrency payments. The system allows employees to use the image recognition technology which is part of the Amazon GO initiative.

Employees are able to use the MUFG coin mobile app to scan a QR Code on the product when buying and are able to use the cryptocurrency to pay for the products and services. The amount is deducts from their accounts. The system further eliminates the need for engaging store employees in check-outs or the need for in-store technology.

The company is also running a pilot study around the country, to help customers to settle their bills using the MUFG cryptocurrency.

Further, the company says it will start operating two-way ATM machines this year such that customers will be able to withdraw and deposit cryptocurrencies.

The blockchain-powered MUFG coin project started in 2016. However, it began issuing the tokens to employees last year. Moreover, it is partnering with the government as part of a “study group” on a legal framework for Initial Coin Offering (ICO) issuance. The study could help the Financial Services Agency start issuing licenses to ICO issuers. However, just the same way it does with crypto exchange platforms.

Last December 2017, Mitsubishi UFJ Trust and Banking was providing a service that protects crypto holders. In the case, exchanges they use being hacked or shuts down. The giant bank will be holding records from crypto exchanges of customers who opt for the scheme. If at all there is the failure of exchange or compromised, MUFG will recompense the losses.

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Image SourceMitsubishi UFJ Financial Group

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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