MoneyTap, the Ripple-powered payments app has officially gone live according to a tweet by the official account on October 3rd. The consumer-focused service was co-developed by the Japanese financial service SBI Holdings and Ripple.
On the MoneyTap website, the app will begin to use Ripple’s blockchain solution – xCurrent – to enable a domestic bank to bank transfers in real time. Account holders at SBI Sumishin Net Bank, Resona Bank and Suruga Bank will be able to send funds using the mobile app. The app is also available on both Android and iOS devices.
Also according to the website, it says:
“Borrow an amount as low as ₹ 3,000 from your personal line of credit with MoneyTap. Interest rates are applied only on the amount you borrow and not your entire approved limit. MoneyTap credit card brings you attractive rewards on the very first swipe along with discounts on food, fuel, and entertainment.”
After registration, users will allegedly just need their mobile phone numbers or a QR code to complete transfers in either foreign currencies or Japanese yen without any commission fee. The payment system will be secured using the devices’ inbuilt technology for security such as systems which use fingerprint scanning.
The last obstacle prior to the launch of MoneyTap was cleared at the end of last month after SBI Holdings announced that it had secured a license from regulators in Japan to deal with electronic payments as an “Electronic Settlement Agency Service Provider” under legislation rolled out in March of last year.
Earlier announcements revealed that MoneyTap will eventually see a consortium of over 60 banks from Japan – “representative of more than 80% of all Japan’s banking assets, participate in the service.”
In different jurisdictions around the world, the Spanish based banking group Santander announced in March earlier in the year that they would release cross-border payments in the form of a mobile app using the Blockchain from Ripple xCurrent and RippleNet platforms.
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