Home News Ripple-enabled App To Facilitate Instant Money Transfers in Japan

Ripple-enabled App To Facilitate Instant Money Transfers in Japan

March 07, 2018 12:03
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Despite all the speculations and rumours hounding Ripple this week, the cryptocurrency XRP has been having a decent one so far.

Back in December, Japan formed a consortium of “payment card industries that will utilize blockchain”. As a follow-up, the same consortium is coming up with a mobile app called ‘MoneyTap’ which will facilitate Ripple’s blockchain technology for payment services.

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Would-be investors got a first-hand look at how the app will work in real-time. So far it is the first mobile app to be developed that will specifically be used by banks across the country.

So far three banks from the consortium namely, Resona Bank, SBI Net Sumishin Bank and Suruga Bank will be the first to be live on the mobile app. The Japan bank consortium, headed by SBI Ripple Asia, comprises of 61 banks. The app will have the potential to provide on-demand payment to most of the country.

Takashi Okita, CEO of SBI Ripple Asia said, “We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payments infrastructure in Japan. Together with the trust, reliability, and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”

The app will only require the user’s phone, bank account details or a working QR code. It can also be used for domestic payments.

Emi Yoshikawa, director of joint venture partnerships at Ripple said, “The release of the MoneyTap mobile app shows Ripple’s continued commitment to provide its partners across Asia and the world with blockchain-powered solutions that dramatically improve the customer payments journey. We’re proud to provide this production-ready technology that not only improves the international payments experience but also have applications for domestic payments infrastructure.”

With all these talks of probable tie-ups with the company Ripple, the currency XRP touched $1; it’s best since the time it touched $3 in January. At the time of writing, XRP was at $0.91.

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