SBI Ripple are preparing to launch mobile payment app


App MoneyTap will be available for Android devices and for iOS at the end of the year.

SBI Ripple Asia, a joint venture of the Japanese banking giant SBI Group and us start-up Ripple, intends soon to introduce a mobile application based on the payment card MoneyTap. The web site of the application is already running, said on Twitter last week, Takashi Okita, CEO (CEO) SBI Ripple Asia.

“What do you think about the logo project?” asked Okita. The only disclosed information on the website MoneyTap, with the exception of the logo, is that the app will have a free version for devices that use Google’s mobile operating system Android and free app for Apple’s iOS.

In March, the company Ripple announced a plan to develop MoneyTap based on the DLT (distributed ledger technology) called xCurrent. The app is aimed at Japanese payments 24/7. At present, the domestic banking operations have a working window, weekdays from 8:30 to 15:30.

The Japan consortium Bank Consortium (JBC), which consists of 61 banks, including SBI, will be the main client application, said in March a U.S. startup. MoneyTap should be released by the end of the year, when SBI Sumishin Net Bank, Suruga Bank, and Resona Bank will be the first customers.

“MoneyTap” allows customers of the Bank consortium to make instant payments and requires only a Bank account, a phone number or a QR code,” explains RIPL in a press release.

“In addition, MoneyTap helps to get rid of the costs associated with the existing commissions in banks and ATMs that currently exist in internal remittances in Japan, making these payments not only faster, but cheaper as a whole.”


MoneyTap is not the first project that uses xCurrent, Ripple Protocol, which allows real-time checking of Bank transactions. In April, the global Spanish Bank Santander has developed a new payment service using Ripple DLT. Dubbed One Pay FX, it keeps track of financial transactions from the beginning to the end, providing the payment data before and after sending the Fiat.

Use xCurrent does not mean support of its own cryptocurrency XRP from Ripple. Coin is the third largest market capitalization of cryptocurrency with the cost of more than $ 11 billion.

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