Ripple will debut its payment system on a smartphone app called “MoneyTap.” According to the official Ripple blog, the Japan Bank Consortium will launch this App by integrating Ripple’s underlying blockchain technology. This innovation aims to facilitate Bank customers to settle transactions instantly, on a 24/7 basis. It would be the first time in Japan various banks will utilize a mobile application across the country.
Three Banks to Take the Lead
Three banks will start offering their services in 2018 on the MoneyTap application. Those are SBT Net Sumishin Bank, Suruga Bank, and Resona Bank. The Japan Bank Consortium itself covers 61 banks that manage more than 80% of all banking assets in Japan. The bank consortium has an agreement with SBI Ripple Asia. This will allow the MoneyTap app to offer its potential for instantaneous banking, across most of Japan’s population – those who are restricted to business day transactions, usually between 8.30am and 3.30pm. Without this Ripple-led app, the change to make the banking system accessible throughout the day would increase the cost of implementation.
Affordable Instant Payment & Banking Solution
By just adding a bank account, phone number or QR code on MoneyTap, bank consortium customers can make instant domestic payments. Apart from the user-friendly easier interface, ATM and banking fees will significantly be reduced since the blockchain technology makes the transaction affordable and immediate. Takashi Okita, CEO of SBI Ripple Asia said the following referring to the technology and its integration into the app: “We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payments infrastructure in Japan.” He added that “Together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”
The name “Ripple” and its “underlying payment solutions” are appearing in news communiqués frequently. There are over 100 financial institutions employing its xCurrent and xRapid solutions at the time. MoneyTap’s launch with Ripple’s technology will improve customer experience, just like Emi Yoshikawa, director of joint venture partnerships at Ripple said: “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.” Yoshikawa added that “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.”
Ripple prices grew exponentially, and it has become the center of attention for traders and investors. Ripple’s mission of establishing an Internet of Value where money moves like information, instantly, is resonating with many. This seems to be the kind of blockchain deployment that traditional financial institutions are comfortable with, but it is not decentralized. This means users will get an improvement on their present banking solutions but will not be able to circumvent banks altogether when they use Ripple-enabled solutions.