JAPANESE PAYMENT APP BUILT ON RIPPLE BLOCKCHAIN
Japan’s financial infrastructure under major development
“MoneyTap” is the name of the Japan banking consortium’s smartphone payment app that has just been announced by Ripple. It will be built on Ripple’s blockchain technology and the app promises is instant transactions 24/7, which will bring a significant improvement to Japan’s payment infrastructure.
“MoneyTap” marks a historical step in mobile applications: it is the first of its kind to be developed and used by multiple and different banks in the country.
The first banks that will go live are three members of the Japan bank consortium: SBI Net Sumishin Bank, Suruga Bank, and Resona Bank. The planned launch is scheduled for the autumn of 2018.
According to the consortium’s plans, the 3-bank launch will be followed by the second phase with the rest of consortium joining in.
The Japan bank consortium is led by SBI Ripple Asia. 80% of all banking assets in Japan is covered by the consortium’s 61 banks. It means that, through the consortium, “MoneyTap” will potentially provide payment services to the majority of the country.
The blockchain powered payment option will open a new era in Japanese financial dimension because it will not only speed transactions and lower costs but will also make payments possible 24 hours a day, 7 days a week. Why does it mark the beginning of a new era in domestic finances? In Japan, at present, transactions must occur on weekdays and between 8:30 am and 3:30 pm. “MoneyTap” will allow the bank consortium customers to make instant domestic payments, no matter what time and what day it is. And it only requires a bank account, a phone number, or QR code. Not to mention lower transaction costs that the app promises.
“We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payments infrastructure in Japan. Together with the trust, reliability, and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers,” summarised Takashi Okita, CEO of SBI Ripple Asia.