Financial giant SBI launches Blockchain payment application with Ripple

The application for payments based on Ripple, MoneyTap, will now be brought to life, according to the official message on Twitter. The consumer-oriented service was developed jointly by Ripple and the Japanese financial services giant SBI Holdings.

Reportedly, MoneyTap will use the Ripple xCurrent blockchain solution to provide real-time transfer of intrabank transfers. Account holders in three Japanese participating banks – SBI Sumishin Net Bank, Suruga Bank and Resona Bank – will be able to send funds using a mobile application that is compatible with iOS and Android devices.

After registration, users are reportedly required only their cell phone numbers or a QR code to complete operations in Japanese yen or foreign currency without commission. The payment system will be protected using built-in security technologies, such as biometric login authentication systems that use fingerprint scanning.

MoneyTap successfully enters the market

As previously reported, the last remaining obstacle to the launch of MoneyTap was eliminated at the end of last month, when SBI Holdings announced that it had received a license from Japanese regulators to process electronic payments.

According to previous reports, MoneyTap ultimately expects to accept 61 Japanese banks as participants – representing more than 80 percent of all banking assets in Japan.

Author: Olga Novikova, Freedman Club Crypto News Analyst