Ripple’s MoneyTap App Used to Knock Out Bank Competition
Ripple’s payment network is about to make a huge acquisition by taking control of a majority of Japan’s currency transfer network. The new move has happened in an attempt to gain support from SBI Ripple Asia Japanese Bank Consortium prior to the launch of the MoneyTap application that is taking place later this year.
Ripple and the Consortium’s new deal has been planned for some time now, looking to evolve the finalized platform under work for some time. Once the MoneyTap application is launched in Japan, later this year, it will operate through the associated website for the platform which can be found on Finder.
Since the website is up and running, it’s likely the application is going to be live very soon. According to the page, the launch date will be some time in autumn of 2018. Initially, the new app is used to work in collaboration with only three of the members in SBI Ripple’s Consortium taking active participation. The banks involved are three of the largest in the country, Resona Bank, Suruga Bank, and SBI Net Sumishin Bank. To kick things into high gear, there is a healthy 5 dozen or more members on the consortium.
The goal of Ripple that initiated the new platform in Japan will help improve their ability to transfer money. Ripple has a heavy competitor however, going against SWIFT is going to be a hard road – but Ripple promises to offer cheaper, better services than that o the previously available transfer platforms. Sending money is now going to be cheaper than ever, so will the speed at which you can send it. Ripple’s new system will have same day transfer speeds, much faster than that of the competition. The affordable cost and speedy transaction times nearly guarantee that Ripple’s MoneyTap app will be a massive success.
But for that to happen, they need to take some precautionary steps first. It’s a strong possibility that XRP will not be the primary token used on the app, or even be on it at all. Ripple can provide the fast and affordable service without using any of the tokens itself. It’s not necessarily a bad move on Ripple’s part, they still stand to achieve a mighty accomplishment, even if they don’t use the XRP token. Since regulations are not clear as to whether Ripple is a security, there is no point in using the token on the platform.
What do you think will happen with Ripple’s new platform? Tell us your thoughts in the comment section below.