Big in Japan. Ripple has developed a blockchain powered payment application called Money Tap, which aims to make it easier for banks in Japan to settle domestic payments round the clock.
The app will go live in the fall.
Japan is a huge market for fintech, or financial technology as it is known, and has seen remarkable acceptance of blockchain and cryptocurrency over the past couple of years. It only makes sense for Ripple to roll out its new solution in the country.
Based in San Francisco, Ripple is known for its blockchain technology that underlies the network for XRP, its cryptocurrency.
Highlight being instant settlement of transactions, and this is what interests this consortium of 61 Japanese banks that has partnered up with the company. Together, these comprise over 80% of the country’s banking assets.
It’s another coup for the company after its recent team up with US money transfer giant MoneyGram that is testing the cryptocurrency through xRapid —a payment network that Ripple has developed.
Getting back to Japan, three banks included in the consortium will initially make use of the app. These are SBI Net Sumishin Bank, Suruga Bank, and Resona Bank. It will then be rolled out to the rest of the consortium.
Ripple claims that this new application makes its easier for banks to settle domestic payments in Japan.
Consumers will need a bank account, phone number, or a QR barcode to use the app.