Financial Giant SBI and Ripple Launch Blockchain Payment App in Japan

MoneyTap, a consumer-centric blockchain payments app jointly developed by Ripple and Japanese financial services giant SBI Holdings, has now launched.

Ripple payments app MoneyTap has now been launched, according to an official tweet on October 3. The consumer-centric service was co-developed by Ripple and Japanese financial services giant SBI Holdings.

According to the product’s website, MoneyTap will use Ripple’s blockchain solution xCurrent to enable domestic bank-to-bank transfers in “real time.”Account holders of three participating Japanese banks, SBI Sumishin Net Bank, Suruga Bank and Resona Bank, can send funds using the mobile app, which is compatible with iOS and Android devices.

After registration, users will need only their cell phone numbers or a QR code to complete transfers in Japanese yen or foreign currencies, without a commission. The payment system will be secured using the devices ‘ built-in security technology, such as biometric login authentication systems that use fingerprint scanning.

As previously reported, the last remaining hurdle to MoneyTap’s launch was cleared late last month, when SBI Holdings announced that it had obtained a license from Japanese regulators to handle electronic payments as an “electronic settlement agency service provider” under legislation implemented in March 2017.

According to previous announcements, MoneyTap will eventually see a consortium of 61 Japanese banks, representatives of more than 80 percent of All Japan’s banking assets, participate in the service.

In other geographic jurisdictions, Spain-based Santander Banking Group announced this March that it would launch a cross-border payment app using Ripple’s xCurrent and RippleNet blockchain platforms.

Leave a Reply

Your email address will not be published. Required fields are marked *