Published
5 years ago on
September 27, 2018
“SBI Ripple Asia introduced its MoneyTap project in March. The app will target Japanese on-demand payments with a 24/7 service since availability is a significant issue for local businesses. Currently, domestic banking transactions are conducted on weekdays between 8:30 am and 3:30 pm. The Japan Bank Consortium (JBC), an organization comprising 61 local banks (SBI included), will be the main app client. MoneyTap is set to go live by the end of the year, with SBI Net Sumishin Bank, Suruga Bank, and Resona Bank to be the first clients.â€What does this mean? MoneyTap is not yet ready to be launched, the approval of MoneyTap by Japanese authorities and the issuing of a license does bring MoneyTap one very big step closer to a full roll out. Once MoneyTap is rolled out, as stated previously, it will be used to facilitate on demand and instant payments for local businesses within Japan, 24 hours a day, 7 days a week, a huge improvement to current systems in Japan that only allow for transactions to be made on weekday mornings and afternoons. Backed by Ripple and of course Ripple’s technologies, this is another example of how blockchain technology is totally changing the face of the mainstream world. Okay, this isn’t going to have a big impact on XRP, but it’s encouraging the growth of Ripple, something that will in turn reflect very positively back onto XRP. References Cryptovest
