Ripple, recently announced that they are going to launch a smartphone application named MoneyTap. They published the article on March 6, 2018. Also, Ripple blockchain technology will power this app. This will allow the customers of the bank consortium to settle transactions quickly.
MoneyTap is the first mobile app of its kind to be developed and used by multiple, different banks in the country. Three members of the Japan bank consortium will be the first to go live on the mobile app in autumn of 2018. The three banks involved are SBI Net Sumishin Bank, Suruga Bank and Resona Bank. Furthermore, staggered roll out to the rest of consortium will follow there lead. The Japan bank consortium comprises of 61 banks covering more than 80% of all the banking assets in Japan. MoneyTap only requires a bank account, phone number, or QR code to make instant domestic payments.
In addition, MoneyTap reduces the cost associated with the existing bank system and ATM fees currently applied in domestic transfers in Japan. Takashi Okita, CEO of SBI Ripple Asia said that:
“We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payments infrastructure in Japan. Together with the trust, reliability and reach of the bank consortium, we can remove friction from payments. And we can create a faster, safer, and more efficient domestic payments experience for our customers.”
For now, the transactions need to occur on weekdays and between 8:30 am and 3:30 pm or risk delays. However, there are discussions to change the window on the current banking rail system to make it accessible 24 hours a day and seven days a week. But, the cost of implementing this system will be too high.
Cross-border payments using Ripple
Ripple has long focused on providing solutions to the problems associated with cross-border payments. Currently, over 100 financial institutions use xCurrent. Also, Ripple has made recent new additions to pilots of xRapid that incorporates XRP into on-demand international payment flows. However, the power of blockchain can be applied to solving domestic payment issues as well. Emi Yoshikawa, director of joint venture partnerships at Ripple said that:
“The release of the MoneyTap mobile app shows Ripple’s continued commitment to providing its partners across Asia and the world with blockchain-powered solutions that dramatically improve the customer payments journey. We’re proud to provide this production-ready technology that not only improves the international payments experience but also have applications for domestic payments infrastructure.”
Removing friction from both domestic and international payments is central to Ripple’s mission of establishing an Internet of Value.