Ripple, the blockchain based payment solutions provider which also has its own cryptocurrency, has lately been on a streak with its corporate partnerships all over the world, it continues to double down on its efforts with its involvement in Moneytap, a ripple powered payment app for the Japanese market.
It would not be news for most people familiar with the cryptocurrency industry that Ripple now has over 120 global collaboration partners, with whom the company has developed cross border and nationwide payment solutions by using its blockchain-powered services, which sometimes also involve its cryptocurrency, XRP.
Some of the most recent names of Ripple’s partners include the likes of Western Union, SBI Holdings, Moneygram, and Santander. During its operations, the company has also obtained the distinction to have collaborated with central banks, such as the Bank of England.
Adding more partnerships to its name, Ripple has recently announced that it will be working with The Japan Bank Consortium, specifically with 61 Japanese banks, a ripple powered blockchain based payment app that will allow the app’s users to make instant domestic payment transfers while making the process even more secure than usual, and at the same time, also cutting down the costs for provider banks and their users.
Details about the ripple powered payment app for the Japanese market
Dubbed as “MoneyTap”, the blockchain payment app is a first of its kind solution in Japan that will be developed and adopted by multiple banks simultaneously.
The app is scheduled to go live sometime after September 2018, where 3 of the participating banks will be the first few to roll out its functionalities, with the remaining partners following through accordingly to provide 24/7 payment transfers to their customers.
Moneytap is revolutionary for Japan because unlike other countries, the Japanese banking system is not optimal to power fast transactions round the clock. If someone has to ensure that their transaction goes through without any issues, then they need to have it processed between 8:30 AM – 3:30 PM local time on weekdays. Failure in doing so often results in delays in the transaction’s execution.
Moneytap will resolve this problem effectively in a budget-friendly manner, since the discussions to improve the banking system in Japan have often fell short due to the high cost solutions that they propose, whereas the Ripple powered payment app, serves that purpose in not just a manner that is technologically advanced, but one that also ensures low-cost solutions that come with seamless execution of required processes.
In addition to cutting costs for banks, the operation will also directly benefit customers in not only providing them with the facility to perform transactions at their ease, but by also eliminating the costs of additional banking fee and ATM charges.
Ripple is excited about the new ripple powered payment app
The Japan Bank Consortium is led by SBI Ripple Asia, the entity which itself is the result of a partnership between SBI Holdings Japan and Ripple. As per Ripple, the consortium covers more than 80 percent of banking assets in the country.
Sharing his thoughts on this most recent development, Takashi Okita, CEO of SBI Ripple Asia, mentioned that the app will go on to improve the payment transfer mechanism in the country.
“We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payments infrastructure in Japan.” Okita stated before adding that the app will allow Ripple and the participant banks to “create a faster, safer, and more efficient domestic payments experience” for their customers.