Ripple’s MoneyTap payment app launches in Japan
The consumer-focused blockchain payment application MoneyTap, created by SBI Holdings and Ripple, has entered its operational phase. As Ripple explains on Twitter this Thursday, the app is a product of SBI Ripple Asia and several participating banks..
A new website has also been launched for the app, which says MoneyTap is designed to make real-time interbank transfers using Ripple’s xCurrent payment product..
The app is available for iOS and Android devices and allows users to send money transfers to each other using phone numbers or QR codes. To ensure security, MoneyTap uses biometric device functions such as fingerprint scanners, etc..
Currently, the service is available only to clients of three Japanese banks: SBI Sumishin Net Bank, Suruga Bank and Resona Bank. Payments can be made in Japanese yen or foreign currencies and do not require a commission, the website says..
At the end of September, SBI Ripple Asia announced that it was registered with the Japanese Ministry of Finance as a licensed electronic payment agent, which was the last prerequisite before launching the application..
The xCurrent network developed by Ripple is based on distributed ledger technology and enjoys some popularity among banks wishing to remain competitive in the rapidly developing fintech industry. Banking giant Santander launched its own xCurrent-based payment application in April.
Although xCurrent is based on the blockchain, XRP is not involved in it. Ripple recently announced that several payment companies have begun commercializing the xRapid product, which uses XRP directly..
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