SBI Ripple Asia officially launched on Thursday the blockchain-based payment application MoneyTap. The app is now live in Japan. It allows clients to make real-time payments through a bank account, QR code, or phone number. Earlier, Japan’s financial services company SBI partnered with Ripple Asia to form a consortium of Japanese banks to trial the MoneyTap solution. The application has been tested since the beginning of this year. In September, SBI Ripple Asia completed its registration as a “substitute agent” for digital settlements, allowing it to operate the payment app.
Ripple made the announcement of the launch via its Twitter profile:
MoneyTap avoids local payment barriers to enable the settlement of payments thanks to RippleNet blockchain network and Ripple’s technology called xCurrent. The app speeds up processing and eliminates banking and ATM fees. Thus, any Japanese resident with a bank account can start using the app.
According to the app’s webpage, the service is available 24 hours and seven days a week, with the payments being settled almost immediately. Today, traditional payment transactions in Japan are executed during business days only, between 8:30 AM and 3:00 PM local time. MoneyTap executes remittances directly from bank accounts to bank accounts.
Initially, the application will be live with only three banks, including SBI Net Sumishin Bank, Resona Bank, and Suruga Bank. Soon, clients with accounts in the rest of the consortium’s 58 banks will also be able to benefit from the technology.
The application can be downloaded on both Android and iOS mobile phone operating systems.
xCurrent, Ripple’s technology behind the MoneyTap service, is also used with several other banks and financial companies that are Ripple’s partners outside Japan. Last month, PNC Treasury Management, the subsidiary of the ninth largest bank in the US, became part of RippleNet to use the technology for international payments.