MoneyTap has just recently released their website, which means that we are very close to the official launch of the app. The sole sight of some activity is a big news for Ripple's XRP community, as Money Tap will be used by more than 60 banks and is openly supporting Ripple and XRP.
MoneyTap has just recently released their website, which means that we are very close to the official launch of the app. Even though there isn't much information provided there at the moment, the sole sight of some activity in this matter is a big news for Ripple's XRP supporters and holders, as Money Tap will be used by the Japanese Bank Consortium, which consists of more than 60 banks, which adds up to almost 80% of Japanese banks. The website stats that the app is coming in Fall this Year on iOS and Android.
It's worth reminding that the CEO of SBI has said earlier this year, during the announcements of Money Tap, that: "We are also considering using XRP for bridge currency in Money Tap." While Ripple's technology is slowly being used more widely by various financial institutions, the community is still worrying about the fact that the sole XRP token doesn't seem to find its utility in all of their banking solutions. MoneyTap is the first mobile app of its kind to be developed and used by multiple, different banks in the country.
SBI, which is a Tokyo-based Strategic Business Innovator Group is exploring more and more cryptocurrencies. Two months ago, they have launched their own public cryptocurrency exchange VCTRADE. It has been noticed that the group is very supportive of Ripple and XRP tokens.
Ripple has talked about the financial sector in Japan and the problem they are facing:
"Flexibility with domestic payments is limited in Japan: transactions must occur on weekdays and between 8:30 am and 3:30 pm or risk delays.
While there are discussions to change the window on the current banking rail system to make it accessible 24 hours a day and seven days a week, the cost of implementing it would be high.
Blockchain powered domestic payments will speed transactions and lower costs"
Emi Yoshikawa, director of joint venture partnerships at Ripple said:
"The release of the MoneyTap mobile app shows Ripple's continued commitment to provide its partners across Asia and the world with blockchain-powered solutions that dramatically improve the customer payments journey"
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