Ripple Blockchain Payments App ‘MoneyTap’ Goes Live in Japan

A consortium of 61 Japanese banks, responsible for over 80% of Japan’s banking assets, has begun using a consumer-centric retail payments app using Ripple blockchain technology.

A consortium of 61 Japanese banks, responsible for over 80% of Japan’s banking assets, has begun using a consumer-centric retail payments app using Ripple blockchain technology.

In a tweet by Ripple’s own official handle on Thursday, the San Francisco-based fintech confirmed the app went live on Thursday, nearly seven months after its initial announcement earlier this year. As CCN reported at the time, the app is the product of SBI Ripple Asia, a banking consortium that launched in November 2016 with a focused effort to leverage Ripple’s blockchain technology for domestic bank transfers in Japan.

Dubbed ‘MoneyTap’, the smartphone app will enable real-time, round-the-year domestic money transfers between bank accounts using xCurrent, Ripple’s enterprise blockchain network, details from the app’s website reveal.

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