Ripple and Japanese bank group release payment app

October 04, 2018
Chris Wheal

Another boost for Ripple blockchain tech: more than 60 Japanese banks have backed MoneyTap, a smart-phone money transfer app underpinned by Ripple blockchain technology. The app went live today, Thursday, confirmed by Ripple in a tweet.

The app technology hails from banking consortium SBI Ripple Asia which has been studying how to leverage the tech into the Japanese retail banking space since 2016.

MoneyTap is fulfilling a need and is comprehensively backed by multiple Japanese banking players

Sub $262 transfers

In short, MoneyTap allows real-time retail bank transfers between different bank accounts and on both iOS and Android platforms for no charge. Earlier CCN reported that three main banks, Suruga Bank, SBI Net Sumishin Bank and Resona Bank were headlining the project.

“Designed to be a quick, small-amount remittance service between everyday residents, MoneyTap allows for a maximum transfer amount of ¥30,000 (approx. $262) per transaction and a ceiling of ¥100,000 ($875) per day,” CCN reported. 

No commission fee

To complete a transfer a ‘phone owner will need to confirm their number or a QR code to complete a yen or FX transfer. Deploying biometric login authentication, the transaction is completed. 

The same Ripple tech is thought to be inside Banco Santander’s One Pay FX offering

The service is a strategic move allowing banking transfers at times of the day when Japanese banking services aren’t available. 

Santander confirmed earlier this year it was readying a cross-border app relying on Ripple’s blockchain xCurrent platform. Ripple appeared to benefit from the MoneyTap buzz, up more than 2.5% earlier. 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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