SBI and Ripple has launched a payment app in Japan

[Paha87]

Consumer - oriented payment application MoneyTap, developed by Ripple and the Japanese financial services giant SBI Holdings, began its work.

According to the product website:

MoneyTap will use blockchain solution xCurrent from Ripple to ensure the possibility of interbank transfers in real time. Holders of accounts with three participating Japanese banks-SBI Sumishin Net Bank, Suruga Bank and Resona Bank — can now send funds using a mobile application that is compatible with iOS and Android devices.

After registration, users will reportedly only need their phone number or QR code to complete the transaction in Japanese yen or foreign currency without a fee. The payment system will be protected using built-in device security technologies such as biometric login authentication systems that use fingerprint scanning.

As previously reported, the last remaining obstacle to the launch of MoneyTap was removed at the end of last month, when SBI Holdings announced that it had received a license from Japanese regulators to process electronic payments as an "electronic payment Agency service provider" consistent with the legislation adopted in March 2017.

According to previous reports, "MoneyTap ultimately committed to the use of this service was attended by the consortium, which included 61 Japanese Bank representing more than 80% of all banking assets in Japan".

Among the uses of Ripple's blockchain solutions in other geographic jurisdictions, the Spanish banking group Santander announced in March this year that it will release an application for cross-border payments using the xCurrent platform and the RippleNet network.

Link to the source of information (Russian) - https://altstake.io/news/sbi-i-ripple-zapustili-plateghnoe-priloghenie-v-yaponii