Japanese financial giant SBI Holdings is soon to launch a payments application for iOS and Android devices powered by Ripple's distributed ledger technology.
While an exact launch date remains unclear at this stage, the site indicates the application is planned to be available in autumn for both operating systems and used for customers of three domestic banks in Japan.
CoinDesk reported in March that SBI Ripple Asia revealed the project was supported by the Japan Banking Consortium it leads, together with Ripple who lends technological support.
SBI Ripple Asia said at the time that the service would be first rolled out for consumers of SBI Net Sumishin Bank, Suruga Bank and Resona Bank, three members of the consortium. After an official launch, it expected to expand the service to another 61 members of the banking consortium.
The application will let customers conduct domestic transactions 24 hours a day and seven days a week by using a phone number or scanning QR codes in an effort to eliminate the time constraint imposed by traditional banking methods.
SBI Ripple Asia is not the first major banking firm to roll out a consumer-facing application enabled by Ripple's distributed ledger technology, however.
As reported, global banking giant Santander launched a similar service in April for cross-border foreign exchange among the bank's consumers in Spain, the U.K., Brazil, and Poland.
Mobile payments image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Takashi Okita, chief executive of SBI Ripple […]
LOS ANGELES, Sept. 19, 2019 /PRNewswire/ -- Wave Financial LLC (Wave), a leading asset management firm focused on digital assets,… Read More
Bitcoin slipped below $10,000 on Thursday after the Federal Reserve cut benchmark lending rates by 25 basis points.The BTC/USD instrument… Read More
The benchmark metric of miners confidence in the Bitcoin network established its all-time high on Thursday.Hashrate, which reflects the processing… Read More