Ripple Blockchain Payment App ‘MoneyTap’ Goes Live in Japan

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A group of 61 Japanese banks which are responsible for 80% of Japan’s banking, has just started using a consumer retail payments app which utilizes the Ripple blockchain technology named MoneyTap.

As confirmed in tweet on Ripples official twitter account, the company confirmed that the app went live on Thursday, which was 7 months after its initial announcement earlier this year. This app is a product of SBI Ripple Asia, which is a banking group that was launched in November 2016 with a focus on Ripples blockchain technology for domestic banking transfers.

MoneyTap, will enable real time, domestic money transfers between Banks using the xCurrent enterprise blockchain network hosted by Ripple.

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Payments can be executed by scanning a simple QR code or the recipient’s phone number which can be made available on both iOS and Android platforms. The app also includes zero cost transfers between 3 specific banks – Suruga Bank, SBI Net Sumishin Bank and Resona Bank.

MoneyTap is designed to be a quick, small money transfer service between everyday residents which allows for a maximum transfer amount of 30,000 Yen (around $262) per transaction and a cap of 100,000 Yen ($875) per day.

The launch of this app is the first notable implementation of commercial blockchain technology on a consumer scale in Japan. A similar application, which is powered by Ripples xCurrent, is available to retail banks across Spain, UK, Brazil, and Poland. The blockchain system can settle international payments in a matter of 3 clicks which equivalates to around 40 seconds.

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