CEO of SBI Ripple Asia, Takashi Okita, revealed on Twitter that SBI Holdings plans to introduce a new Android and iOS mobile bank transfer app dubbed ‘MoneyTap’ in the near future.
In early March of this year, Ripple released an announcement on its website, revealing that it had begun work on a venture named MoneyTap, which was set to become an Android and iOS mobile app that would use Ripple’s ledger technology.
The mobile banking solution has been created to remove friction from everyday payments made by consumers in Japan. The application will reportedly speed up transactions and lower associated costs, while also creating a safer and more efficient payment infrastructure for Japan’s retail market.
Takashi Okita’s tweet was a notable indicator that the release date of this product is right on schedule, with the app said to be available in the Japanese market as soon as Fall 2018, which coincides with Ripple’s original announcement.
MoneyTap To Be The First Consumer Focused App To Use Ripple’s Blockchain Tech
MoneyTap will be the first retail payment system to be linked to domestic banks that will make use of Ripple’s ledger technology. Members of the app will be able to make cheap, rapid payments from their smartphone 24/7 via the use of their phone number, QR code, or via a bank account number.
In addition to this, high ATM fees and transaction costs that are incurred using the current, aged banking system will be considerably reduced or altogether eliminated.
Three Members of Japanese Bank Consortium To Go Live As Soon As App Is Launched
At the moment, the SBI Ripple Asia-led Japanese Bank Consortium consists of 61 banks, which effectively covers 80% of all of Japan’s assets.
Out of those 61, Resona Bank, SBI Net Sumishin Bank, and Suruga Bank will be the first to go live on the mobile app. Further banks from the consortium are to be added to the application at a later date; however, which ones and when has yet to be announced.
Ripple’s Game Plan To Offer Mainstream Cross-Border Payment Solutions Appears On Course
It is safe to say that MoneyTap’s system will be designed to use the Japanese Yen for the time being. Nevertheless, this could open the door for the introduction of XRP as a mainstream currency in Japan, especially considering that many of Japan’s leading financial institutions are set to become part of the Ripple ecosystem.
At this time, there has been no confirmation that the application will feature XRP. However, Ripple has always been about designing solutions that offer instant, safe and secure access across different payment networks at low cost. This is something that is clearly evident in current Ripple solutions.
Now that MoneyTap has come into play, there is a real possibility that XRP could be introduced as a mainstream currency in Japan. As a result, other countries dealing with Japanese companies and consumers will almost certainly turn to XRP, which has been seeing its fair share in the public limelight. Could this mean that Ripple’s desire to conquer cross-border payments could be much closer than we all anticipated?