SBI Holding, a Financial giant of Japan, would soon be launching MoneyTap, consumer payments mobile app, on Android and iOS, leveraging Ripple’s blockchain Technology.
MoneyTap is huge in terms of Ripple’s advent into payment industry, for end to end consumer solutions in Japan, which would accommodate domestic bank users for 24/7 transactions using just a QR code, mobile number, and account number.
Also it’s not been confirmed yet about the usage of XRP, ripple’s native token inside the app’s ecosystem.
As of now, in Japan, Zengin, Decades-old firm, is the one which allows domestic transfers in a limited time frame i.e. from 8:30 AM and 3:30 PM in Japan time added with baking fees.
A consortium led by SBI that consists of more than 80% of Japan’s Banking assets, had announced MoneyTap in March this year. This consortium was first launched in Japan in November 2016.
As of now, there isn’t any official launch date provided for the mobile apps, while only confirming the UI(user interface), with the proposed launch time as Fall (between September-December) this year.
When launched, Three banks would be enabled to leverage the app service for its users before it gets rolled out to the remaining 59 members of the consortium. The three banks are Suruga Bank, SBI Net Sumishin Bank, and Resona Bank.
Interestingly, This isn’t the first application to leverage Ripple’s blockchain technology for consumer-based retail payment. As reported by cryptocoinspace earlier this year, Banco Santander, Spanish banking giant, launched a banking application for its users in Spain, UK, Brazil, and Poland. The mobile app accommodates near-instant transfer, payment tracking and transparent foreign exchange fees in 3 clicks and 40 seconds. They leveraged xCurrent, Ripple’s enterprise blockchain software which is different than using their native XRP token.