Ripple and SBI will launch payment blockchain in Japan

Money Tap, a payment app powered by Ripple and SBI, is ready. It will allow national transfers from bank to bank in real time

Money Tap is a tool driven by Ripple and SBI and is focused on the consumer. Account holders at the three Japanese banks involved -SBI Sumishin Net Bank, Suruga Bank and Resona Bank- can send funds using the mobile application, which is compatible with iOS and Android devices.

After registering users will only need their mobile phone number or a QR code to complete the transfers in Japanese yen or in foreign currencies, without commission. The payment system will be protected using the security technology incorporated in the devices.

It was recently reported that the last obstacle for the launch of Money Tap was resolved late last month when SBI claimed that it had obtained a license from Japanese regulators to handle electronic payments.

The tool will allow to participate a consortium of 61 Japanese financial institutions, representing more than 80% of all banking assets in Japan.

Elsewhere, banking giant Santander, based in Spain, announced in March that it will launch a cross-border payment application using the Ripple xCurrent and RippleNet blockchain platforms.


Source: CoinTelegraph

Receive this and all our information directly on your cell phone through our channel on Telegram:

You might also like