More

    Ripple Blockchain-Powered Mobile Payment App ‘MoneyTap’ Comes Online in Japan

    Must Read

    Top Analyst: XRP Has Room to Run as Price Moves to $0.31

    Christmas may be coming early for holders of XRP, the third-largest cryptocurrency by market capitalization. As of the time...

    Blockchain Analytics Firm CipherTrace to Support Traceability for Binance Chain, BNB

    Menlo Park, California-based CipherTrace, a leading blockchain and Big Data analytics firm, announced on November 5 that it has...

    Stellar (XLM) Surges 14% Following SDF’s Massive 55 Billion Lumens Token Burn

    The Stellar Development Foundation (SDF), a non-profit entity established in 2014 to support the ongoing development of the open-source...
    Ripple Blockchain-Powered Mobile Payment App ‘MoneyTap’ Comes Online in Japan 3
    Osato Avan-Nomayo
    For quite by chance, I discovered Bitcoin in 2010 and I have been an ardent enthusiast ever since. I enjoy cryptography, mathematics, and theoretical physics. If I am not writing about cryptocurrency, I am attempting to beat my scrabble high score.

    SBI Ripple Asia, a Joint-venture based in Tokyo, Japan has launched its blockchain based money remittance app. The app called MoneyTap can make real-time, no-cost domestic transfers using Ripple’s xCurrent payment solution.

    Simplifying Domestic Bank Transfers with Blockchain Technology

    As announced via a tweet on Ripple’s official Twitter handle, the payment app is a product of the Japan Bank Consortium arrangement– a partnership between SBI Ripple Asia and several Japanese banks.

    MoneyTap, powered by Ripple’s xCurrent payment solution has seen increased adoption by financial institutions in various countries. The xCurrent network built on Distributed Ledger Technology (DLT), facilitates instantaneous payment settlement with end-to-end tracking.

    According to the app’s web portal, users can make transfers to phone numbers or QR codes, instances where the user does not know the receivers bank account number. Also, the app utilizes various authentication measures such as fingerprint scanning to ensure secure access for users.

    Ripple Blockchain-Powered Mobile Payment App ‘MoneyTap’ Comes Online in Japan 1

    Unlike other Ripple payment solutions offering cross-border efficiency, MoneyTap is dedicated to domestic bank transfers. Local bank transfer is presently a rigid process in Japan, only available on weekdays between 8:30 am and 3:30 pm. MoneyTap seeks to present an ever-present solution to domestic transfers, 24hours a day, 365 days of the year.

    This launch comes after SBI Ripple Asia received the license to operate as an agent for electronic payment settlement last month. Following new regulations issued in the country (Act No. 2 of the Kanto Local Finance Bureau, Electronic Settlement Agency No. 2), SBI Ripple Asia had to receive authorization for its MoneyTap app from the Treasury Department.

    Speaking on the app, SBI Ripple Asia CEO, Takashi Okita, had this to say:

    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.

    SBI Ripple Asia – Offering Blockchain-Based FinTech Solutions in Japan

    SBI Ripple Asia is a Joint—Venture arrangement between Japan’s Strategic Business Innovator (SBI) Group and U.S Based FinTech company Ripple. This Joint-Venture arrangement is geared towards the delivery seamless, real-time, low to no-cost cross-border payments and money remittance solution to Japanese customers.

    To meet its goals, SBI Ripple Asia established the “Japan Bank Consortium to Centrally Provide Domestic and Cross-border Payments” (with over 60 participating banks as at 2017) to develop RC Cloud – a blockchain platform for domestic and cross-border payment using Ripple’s xCurrent payment solution.

    The recently launched MoneyTap app utilizes the RC Cloud platform. However, as previously reported by EWN this initial launch supports only available to three-member banks – SBI Shumishin Net Bank, Suruga Bank, and Resona Bank. There are plans to increase support to the other 58-member banks of the consortium.

    Image courtesy of Ripple.

    More Articles Like This