Japanese Giant SBI Set to Launch Ripple-Based Mobile App ‘MoneyTap’
Japanese financial giant SBI Holdings is soon to launch a payments application MoneyTap, for iOS and Android devices powered by Ripple’s distributed ledger technology.
SBI Ripple Asia which is a joint venture established by SBI Holdings and San Francisco-based FinTech giant Ripple back in 2016 will launch MoneyTap, according to CEO Takashi Okita on his own Twitter account.
MoneyTap is the first real app of Ripple’s blockchain tech for consumer-ended retail payments in Japan. It enables domestic bank customers to transact instantly 24 hours a day and seven days a week via a QR code, bank account number or phone number.
While an exact launch date remains unclear at this stage, the site indicates the application is planned to be available in autumn for both operating systems and used for customers of three domestic banks in Japan.
MoneyTap isn’t the first consumer-based retail payments application using Ripple’s blockchain technology. The installment application plans to expand the adaptability of residential installments in Japan and dispose of the present time requirements forced by conventional savings frameworks.
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