Japan’s SBI to Launch Ripple-Based Payments App on iOS, Android

Japanese Fintech giant SBI Holdings is set to launch MoneyTap, a Ripple-powered mobile payment application according to a tweet by CEO of SBI Ripple Asia on the 12th of September.

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Japanese Fintech giant SBI Holdings is set to launch MoneyTap, a Ripple-powered mobile payment application according to a tweet by CEO of SBI Ripple Asia on the 12th of September.

MoneyTap to offer easy bank transfer application

Takashi Okita, the CEO of SBI Ripple Asia shared with his followers the new web page designed for the payment app. it promises to give users access to easy bank transfer services.

SBI Holdings has yet to confirm the exact launch date of the mobile app. The site however estimated that the app version for both Android and iOS will be ready by autumn this year.

The tweet when translated roughly reads:

Quietly, Moneytap’s website has been released. How about logo or screen image?

The mobile app is expected to enable customers in Japan to make payments on demand via its platform.

The project has also garnered support over the past few months. The Japan Bank Consortium (JBC), a collection of 61 Japanese banks support the project.

SBI Net Sumishin Bank, Suruga Bank, and Resona Bank, which are part of the consortium are expected to provide the services to their customers as soon as the mobile app is launched, with the other banks to roll out the service afterward.

Once the mobile app is launched, Japanese users will be able to conduct transactions at any time. This will make transfer cheaper and faster for users in the country.

The mobile app will also be free of ATM and banking fees that are included in domestic transfers in Japan.

Earlier this year, SBI Ripple Asia revealed that they would be developing a groundbreaking smartphone application that will be based on Ripple’s technology. It would enable customers to conduct transactions instantly.

Okita was excited about the development. He believes that the mobile app and Ripple’s blockchain will lead to an improvement in the payment structure in the country.

Emi Yoshikawa, director of joint venture partnerships at Ripple, commented that they are proud to provide this production-ready technology that not only improves the international payments experience but also has applications for domestic payments infrastructure.

Ripple continues leading mass adoption

Despite the current situation in the cryptocurrency market, Ripple has been leading other cryptocurrencies in terms of adoption.

Its partnership with companies such as Mitsubishi UFJ Financial Group and others is an indication that the company is moving in the right direction even though its XRP coin continues to underperform in the market.

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