Afero Creates "Bank of Things" In Collaboration With MUFG

At the recent CEATEC Japan Event, in partnership with Mitsubishi UFJ Financial Group, Afero has pointed the finger at the emerging world of IoT banking working to enable things to pay each other via secure micropayments, blockchain, and IoT technologies.

In a recent announcement, Afero unveiled plans to display its advanced micropayment solution being developed with MUFG. The showcase aimed to visualize integration of blockchain technologies and a secure IoT platform to enable extremely low-cost high-speed micropayments at scale.

“The emergence of billions and billions of smart connected devices is creating a need for new banking solutions that enable more and more ‘things’ to transact directly with each other, either on-command or autonomously according to pre-defined policies,” said Masakazu Osawa, GM, Digital Transformation Division, MUFG. “We are pleased to collaborate with Afero, a pioneer of highly secure IoT products in Silicon Valley that is gaining a strong reputation.”

The ability to process extremely low-cost micropayments unlocks the vast number of micro-transactions, opens up entirely new markets, and helps deliver an important promise of IoT: more freedom and better experience for customers.

“It is clear that the next frontier in financial services will be to complement corporate and consumer banking with banking that includes ‘things’ in its basic design,” said Joe Britt, co-founder and CEO, Afero. “MUFG has always represented global excellence and innovation in financial services. We are excited to work with MUFG as it works to open a new chapter in the industry with a ‘Bank of Things’.”