Home / Blockchain / SBI approaches "MoneyTap" app of Ripple Blockchain Payments in Japan

SBI approaches "MoneyTap" app of Ripple Blockchain Payments in Japan


  MoneyTap

The Japanese financial services group SBI Holdings will launch the MoneyTap consumer payment application, both on Android and iOS, using Ripple's blockchain technology.

SBI Ripple Asia, a joint venture founded by SBI Holdings and San Francisco-Ripple, the giant of FinTech at the beginning of 2016, will soon launch "MoneyTap", the CEO Takashi Okita has revealed on their Twitter handle.

MoneyTap is the first truly noteworthy application of Ripple's blockchain technology for consumer retail payments in Japan, allowing domestic bank customers to make transactions instantly 24 hours a day and seven days a week using a QR code , a telephone number or a bank account number.

There is no indication – it is also unlikely – that the technology uses XRP, a native cryptographic token from Ripple.

& # 39; Zengin & # 39 ;, Japan's ten-year national payment compensation platform, only allows domestic money transfers between users of different banks between 8:30 and 3:30 PM in Japan, with further pitfalls bank commissions.

As reported by CCN in March, MoneyTap was initially announced by the banking consortium led by SBI Ripple which includes over 80% of Japan's banking activities. The Japan Bank consortium was launched for the first time in November 2016.

The MoneyTap website does not provide a specific launch date for the mobile app but reveals the user interface (UI) confirming the launch proposed, in the autumn of this year (September-December

At the time of launch, customers belonging to three members of the consortium will be able to use the service before its launch to the remaining 59 banks The three banks supported at launch are Suruga Bank, SBI Net Sumishin Bank and Resona Bank

Still, MoneyTap is not the first consumer-based retail payment application that uses Ripple's blockchain technology. [19659003] In April, Spanish banking giant Banco Santander launched an app for personal payments for retail clients in Spain, the United Kingdom, Brazil and Poland. The smartphone app allows transfers in instantaneous measures, end-to-end payments monitoring with total exchange rate commissions, all in "3 clicks and 40 seconds" according to Santander. This particular solution uses Ripple xCurrent's business blockchain software, a product that does not use XRP.

Close-up image of Shutterstock.

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