What Is Ripple MoneyTap?
When it comes to mobile money, Japan is one of the few developed countries, which has lagged a bit behind. In the nation, a surprisingly huge amount of business takes place in cash. This has meant that mobile money has largely been unable to make headway in the nation. However, that could soon change due to the Japanese consortium. The consortium, which comprises of 61 banks, is set to launch an app called MoneyTap. The app is going to be powered by Ripple.
Ripple MoneyTap XRP Smartphone App For Crypto Payments Benefits
With the MoneyTap application, customers of the bank are going to be able to settle transactions at any time of the day or night on any day of the week. It is going to be the first of its kind in Japan and probably in the world. It builds on earlier reports in December 2017, which indicated that a consortium of the payment card industry was working to utilize the blockchain.
Flexibility is sorely lacking in much of Japanese transactions. As of now, any transaction that does not take place between 8.30 and 3.30 local time, runs the risk of experiencing a transaction delay. However, there have been some efforts undertaken to attempt and expand this to ensure there is easier processing. However, most reports indicate that the cost of implementing such a system would be quite substantial at the least.
When Ripple MoneyTap Will Come Out
The full release of the app is slated for some time in fall. It will feature the three major banks in Japan of SBI NET Sumishin Bank, Suruga Bank, and Resona Bank as the first to offer the service. The rest of the consortium is going to study how it works for the three and follow suit later. Since the consortium is comprised of 61 banks, it will account for about 80 percent of all Japanese banking assets. The system is thus going to be quite widespread.
As for the Ripple connection, statements made by the CEO of SBI Ripple Asia suggest that it is going to be more about the blockchain and less about the cryptocurrency. According to the CEO, the combination of the blockchain technology coupled with the trust that the group has earned is going to make it easy to provide a better and faster payment structure.
This Ripple MoneyTap Move Is Highly Welcome In Japan
When you consider the narrow range of payment options that are offered in Japan, this will most likely be a welcome change. It is going to make payments within the nation more reliable in a manner that traditional banking hours will not be able to hurt. Besides that, since 80 percent of the banking sector in Japan is following this route, it is safe to assume that the app will catch on.
Some have predicted that this move could bring about major improvements in the payment sector and thus the efficiency of the economy. In fact, this new application could have far-reaching effects on not just the banking sector but the whole Japanese economy.