Banking News

Ripple rolls out instant payments app in Japan

Ripple rolls out instant payments app in Japan

(8 March 2018 – Japan) Blockchain firm Ripple, in partnership with 61 Japanese banks has developed a payment app to settle transactions instantly.

‘Money Tap’ will first be available with three banks in the consortium – SBI Net Sumishin Bank, Resona Bank and Suruga Bank – before being rolled out to the other 58.

The app will make it easier for banks to settle domestic payments in Japan round-the-clock using a bank account, phone number or QR barcode. Due to its decentralised blockchain underpinning, Money Tap would remove the need for an intermediary, such as a large bank, to clear and settle money transfers.

“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,” Takashi Okita, CEO of SBI Ripple Asia, said in a statement.

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