Ripple News: Japanese Banks Consortium To Use Ripple Powered App For Payments

Ripple in association with a consortium of 61 Japanese Banks develops a mobile app “MoneyTap” that will be rolled out at three banks first in this year.

Also, read… Better Reduced Remittances in Saudi Arabia withRipple Blockchain – Moody’s investors services

Ripple blockchain app for instant cash payments

The US company, Ripple has come into an association with 61 Japanese banks to release a smartphone application, MoneyTap that will allow the customers of the bank to settle their cash transfers instantly, around the clock.

According to the statement released by Ripple, this mobile app will also enable the users to send funds to accounts in other banks in the country. SBI Sumishin Net Bank, Resona Bank, and Suruga Bank will be the first ones that will go live on this app in the autumn season of this year. Then, the rest of the banks of the association will soon follow the same.

The consortium of 61 Japanese banks

This consortium of Japanese banks comprises of 61 banks that covers over 80 percent of the country’s all banking assets. Ripple is already at work with banks in other countries to examine and transform the way they handle the payments.

The digital ledger technology, Blockchain used for cryptocurrencies is considered to have the most potential to track the transactions in a wide array of industries.

Japan is already invested in the cryptocurrency industry which presents a thriving market for the crypto enthusiasts. It isn’t surprising that the bank and authorities in Japan, are eager to implement the financial technology in order to improve the efficiency and further profitability.

“Faster, safer and more efficient” payments via MoneyTap app

With the domestic payments’ flexibility being limited in Japan, the MoneyTap app will help in offering “faster, safer and more efficient payments.

As stated by the CEO of SBI Ripple Asia, Takashi Okita:

“We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payments infrastructure in Japan.”

The app allows the customers of the members of this bank association to make instant payments that require only a phone number or QR code and a bank account.  

The director of joint venture partnerships at Ripple, Emi Yoshikawa, talked about expanding the focus of software to cross-border payments and much more.

“The release of the MoneyTap mobile app shows Ripple’s continued commitment to providing its partners across Asia and the world with blockchain-powered solutions that dramatically improve the customer payments journey. We’re proud to provide this production-ready technology that not only improves the international payments experience but also has applications for domestic payments infrastructure.”

The recent debacle of Ripple getting listed on Coinbase rumor has brought the prices of Ripple down at $0.895. This partnership with Japanese Banks might help in giving its price a boost.

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