SBI Launches Ripple Blockchain Payments App ‘MoneyTap’ in Japan

Japanese Financial Services Group SBI Holdings launches customers’ payout application “MoneyType” on both Android and iOS, using Ripple’s blockchain technology. SBI Ripple Asia is a joint venture established by SBI Holdings and San Francisco-based FTech giant Ripple. It will begin in 2016. It will start with ‘MoneyTap’, CEO Takashi Okita said on Twitter.

Ripple Blockchain Payments App ‘MoneyTap’

MoneyTap is the first significant application of Richard’s blockchain technology. This is used for consumer-end retail payments in Japan. It can handle domestic bank customers 24 hours a day and 7 days instantly using QR code, phone number or bank account number. Technology does not indicate that the XRP uses Ripple’s local crypto token.

Jensen is a national payment clearing platform for Japan’s decades. Allowing domestic money transfers between different banks of customers between 8:30 AM and 3:30 PM in Japan, with hazards added to banking fees. According to CCN reports by March, MoneyTap first announced the SBI wave-led banking consortium. It has over 80% of Japan’s banking assets.

SBI Launches Ripple Blockchain Payments App

The Japan Bank Consortium was first opened in November 2016. The MoneyTap website did not offer a special release date for the mobile application. It reveals a user interface (UI) that determines the proposed experiment in this year (September-December). Initially, consumer members of the consortium can utilize services, which ultimately lead to the remaining 59 banks of the consortium. Three banks, like Surya Bank, SBI Net Summit Bank, and Resona Bank, were opened. However, MoneyTap is not the first user-based retail payment app, that waves blockchain technology.

In April, the Spanish banking giant “Banco Santander” launched a personal pay application for retail customers in Spain, the United Kingdom, Brazil, and Poland. The smartphone app allows transfers of payments with full transparency of foreign exchange fees, allowing “3 clicks and 40 seconds” payment. This particular solution uses the Enterprise Blockchain Software current, a product that does not use XRP. Read more about Hack weeks teach big data

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