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Japanese banks have begun to use the Ripple



MoneyTap application

MoneyTap mobile payment application began to use several Japanese banks for domestic payments.

The application is focused on the consumer segment. Ripple and the Japanese financial giant SBI Holdings are working on its creation and implementation.

A new website has been launched for the product, where it is indicated that the application allows real-time interbank payments using xCurrent technology, which does not involve the XRP token.

The application is available for devices running Android and iOS. When sending funds, MoneyTap uses the phone numbers or QR codes of the recipients. The application is also supported by devices equipped with a fingerprint scanner, which can provide an additional level of protection.

So far, only three Japanese financial institutions can use the application – SBI Sumishin Net Bank, Suruga Bank and Resona Bank. Also on the site indicated that the payments do not require commissions and are made in Japanese yen or foreign currencies.

In September, SBI Ripple Asia announced registration with the Ministry of Finance of the country and obtaining the status of a licensed agent of electronic payments. The latter is required to run the payment application.

Also recently, Ripple reported that thanks to its technology, the British company TransferGo has managed to reduce costs in some regions by 90%, and the transaction processing time to “seconds”.

Recall the other day Ripple announced the start of commercial use of the xRapid product based on the XRP token .

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