SBI Holdings to Release Payment App Powered by Ripple Distributed Ledger Technology
The CEO of SBI Ripple Asia Takashi Okita recently tweeted the web page of a new payment application. The application is to be called MoneyTap which is a joint venture between SBI Holdings and Ripple. This payments app is to offer easy bank transfer application without the fees.
It was noted by Ripples’ official website that the Japan Bank Consortium will release the smartphone payments application which is to be powered by Ripple’s blockchain technology. Limitations with conventional systems has encouraged innovation in the industry. The application will allow customers using the banks to settle the transaction immediately whilst having 24/7 access. The new app does not require a user to buy Ripple to use as the intermediary.
Initially three members of the consortium will go live on the app in autumn 2018 with plans to roll out the app to the rest periodically. Led by SBI Ripple Asia, 61 banks are part of the consortium accumulating over 80% of all the banking in Japan. None of these banks will need to buy Ripple to power and use the app.
MoneyTap will allow instant domestic payments only requiring a bank account, phone number or QR code. The ease of use and costs associated with current infrastructure has led to the development of payments technology. Many domestic users in Japan require a service that can settle their transactions instantly but do not wish to expose their funds to the price fluctuations of cryptocurrency. This service is tailored to those users as they can utilise the benefits of Ripple’s technology without having to buy ripple.
Ripple continues to innovate the cross-border payment industry developing services to address limitations and issues with a strong focus on institutions. The new MoneyTap payments app shows that Ripple is also interested in revolutionising current domestic payment systems.
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