Japanese banks join forces to launch mobile payment app

The new MoneyTap smartphone app, developed by SBI Ripple Asia, will allow customers of 61 banks to make instant money transfers within Japan 24 hours a day, seven days a week.

The consortium of Japanese banks develops payment and settlement solutions and consists of the largest banks, which account for more than 80% of the country's total assets. Clients of the consortium will be able to make instant domestic payments using a QR code, phone number or bank account number.

The Zengin payment platform currently existing in the country allows domestic money transfers between 8:30 and 15:30, while charging a bank commission. Ripple claims that its payment application based on blockchain technology will make payments faster and cheaper.

SBI Ripple Asia CEO Takashi Okita says: “We will eliminate the shortcomings that currently exist in the payment system and offer customers a faster, safer and more efficient way to make domestic payments.”

In the fall of 2018, the first three banks SBI Net Sumishin Bank, Suruga Bank and Resona Bank will start working with the application, and then join and the remaining 58 banks.

According to https://www.ccn.com