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
You May Also Like
Is a union between American Express and Ripple possible?
American Express or AMEX is an international financial services company. The company is estimated to be worth $33 billion and has more than 50,000 employees. Essentially, this is a payment giant company. Ripple recently posted an article on their news portal regarding AMEX.
Santander Bank adopts another Ripple product
Banco Santander, a multinational commercial bank and financial services company headquartered in Santander, Spain, will use Ripple's product to clear all payments and enhance the customer experience through the OnePay FX platform.
