Ripple Powered Mobile App to Provide On-Demand Domestic Payments in Japan

[Anonymous No.8177305]

>"banks are just running pilots "

/biz/ on suicide watch hahhaaa


The Japan Bank Consortium will release a groundbreaking smartphone application called “MoneyTap”— powered by Ripple’s blockchain technology — to allow customers of the bank consortium to settle transactions instantly, 24 hours a day, seven days a week.

“MoneyTap” is the first mobile app of its kind to be developed and used by multiple, different banks in the country.

Three members of the Japan bank consortium: SBI Net Sumishin Bank, Suruga Bank and Resona Bank will be the first to go live on the mobile app in autumn of 2018. This will be followed by a staggered roll out to the rest of consortium.

The Japan bank consortium, led by SBI Ripple Asia, is comprised of 61 banks covering more than 80% of all banking assets in Japan. MoneyTap will have the potential to provide on-demand payments to the vast majority of the country through this consortium.

“MoneyTap” allows the bank consortium customers to make instant domestic payments and only requires a bank account, phone number, or QR code.

What’s more, MoneyTap helps shed the costs associated with existing banking and ATM fees that are currently applied to domestic money transfers in Japan, making those payments not just faster, but cost less overall.


https://ripple.com/insights/ripple-powered-mobile-app-provide-demand-domestic-payments-japan/