Ripple’s Blockchain-based MoneyTap Payments App Launched in Japan

05. Oct 2018 Posted by Akolkar B on News

SBI Ripple Asia, a joint venture of Ripple and the Japan-based SBI Holdings, has announced the launch of MoneyTap payments app in Japan. The MoneyTap application is powered by Ripple’s blockchain network and is a consumer-centric retail payments app which will be used by a consortium of 61 Japanese banks.

On Wednesday, October 3, Ripple made an official announcement on Twitter saying “The Japan Bank Consortium launched MoneyTap today, a Ripple-powered payments app to offer real time settlement for domestic payments in Japan! “

The MoneyTap smartphone app leverages Ripple’s xCurrent enterprise blockchain solution to facilitate real-time round-the-clock bank-to-bank transfers. The MoneyTap app is available on both - Android and iOS platforms.

The app allows users to send funds using either the QR code or through telephone numbers. Additionally, it also provides high level security features like biometric login using the fingerprint scanner. Currently, the MoneyTap remittance service is supported only between three banks Suruga Bank, SBI Net Sumishin Bank and Resona Bank.

According to the official MoneyTap website, the app facilitates zero-cost payments transfers in Japanese Yen and foreign currencies. However, note that participants needs to pay a small fees in case of request of funds. Also note that MoneyTap has put a limit on maximum transfer amount of ¥30,000 (approx. $262) per transaction and ¥100,000 ($875) per day.

A number of global banking giants are considering Ripple’s blockchain-based xCurrent payments solution. Earlier this year in April 2018, Spanish banking group Banco Santander announced that launch of One Pay application to facilitate international transfers. The app was also targeted specifically towards retail customers.

The app facilitates different payments option for customers across the entire Europe and other international destinations like the U.S. and Brazil.

Considering Ripple’s penetration into the Japan’s banking market there are also reports that its XRP tokens could be considered as the official cryptocurrency for the upcoming Tokyo 2020 Olympic Games.