Ripple-Powered Blockchain App For Instant Payments Becomes Available In Japan
A consortium of major Japanese banks launched MoneyTap, a mobile blockchain application based on the Ripple’s technology. Now users from Japan can make instant internal payments at any time of the day. The development of the new solution was announced in March 2018. The official release took place on Wednesday, October 3, according to the Ripple’s Twitter account.
MoneyTap will allow customers of 61 Japanese banks to make quick transactions any day of the week, 24/7. The operation requires a bank account, a mobile phone number and a QR code for validation. Client authentication is also possible through fingerprints. According to the MoneyTap website, the system does not charge users with fees and is free to install.
The developers claim that the application utilizes the Ripple technology xCurrent for interbank remittances. However, as some Twitter users have reported, they found no evidence that the system is powered by the xCurrent or xRapid solutions. Also, MoneyTap does not use the Ripple tokens (XRP), suitable for converting cash when transferring funds abroad, since the program supports settlements within Japan only.
So far, only three Japanese banks have connected to the MoneyTap system. The remaining 58 banks will implement the application gradually.
Previously, the developers at Ripple Labs announced the release of a blockchain application for a large Spanish bank Banco Santander, with a capital of $80 billion. The institution will join the RippleNet ecosystem — an international unified payment network for banks and operators. The Ripple’s product minimizes the cost of transfers by reducing the transaction path, and hence the processing time, which is the major part of the commission.