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Ripple has invested in Money Tap, the P2P money transfer app run by a consortium of Japanese financial institutions.
Developed by SBI and Ripple, Money Tap is a smartphone application that allows consumers to make instant domestic payments via bank account, phone number or QR code.
The service bypasses domestic payment channels to allow settlement of payment flows on RippleNet’s blockchain network using the vendor’s cCurrent product, eliminating the costs associated with existing bank and ATM fees currently applied to domestic money transfers in Japan.
SBI Says: “Thanks to this latest investment from Ripple, Money Tap will further strengthen its partnership with Ripple and accelerate the development of new functions and services, including a small-amount collection service and a corporate payment function, a currency community, an overseas remittance service, remittance in and out services and a supply chain financing function. “
The value of the investment was not disclosed.
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