SBI Ripple Asia Incorporates Ripple-Powered, MoneyTap App For Payment Settlement Purposes

SBI Ripple Asia Incorporates Ripple-Powered, MoneyTap App for Payment Settlement Purposes

On Thursday, May 30, 2019, SBI Ripple Asia, a DLT-based payment platform and a joint venture between Ripple and SBI Holdings, announced that it will be implementing Ripple’s MoneyTap, the first-ever mobile app developed by multiple banks, for in-store payment purposes reports Coin Desk.

Since this decision, it has been revealed that the endeavor is undergoing demo trials, namely at a restaurant established in SBI Group’s headquarters in Tokyo, as well as real affiliated stores. As per the claims made by the team, the demo will give them a sense of the different customer experiences witnessed and in turn will allow them to make changes accordingly that way the full service can be offered within this year.

As for the MoneyTap app, which uses Ripple’s xCurrent, it has been revealed that the first of its like was announced March of this year, where the app was created with SBI Group and 13 regional banks. More on the app has been shared, and it seems like it has the ability to, “allow customers of the bank consortium to settle transactions instantly, 24 hours a day, seven days a week.”

Previously, Ripple shared news regarding MoneyTap’s presence in Japan, as the country planned to use the payment app for on-demand domestic payments. Since Tuesday, May 28, 2019, the app has acquired the necessary registrations.

SBI Group also noted that this is just the beginning and that plans to get more financial instituitions involved in the use of said app along with enhancing the current support group are some of their priorities. In particular, they shared (closest possible translation):

“The SBI Group will continue to encourage local banks and other financial institutions to participate in management as a shareholder of Money Tap and will actively strive to expand sales of the service, creating a new local industry through cashlessization.”

In March of this year, the Direction of Joint Venture Partnerships at Ripple, Emi Yoshikawa said:

“The release of the MoneyTap mobile app shows Ripple’s continued commitment to provide its partners across Asia and the world with blockchain-powered solutions that dramatically improve the customer payments journey.”

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