‘MoneyTap’ By Ripple: The Consumer-Centric Retail Payments App Goes Live In Japan

The app named MoneyTap is in the latest cryptocurrency news, after being accepted in Japan by a consortium of 61 banks, which are responsible for over 80% of the country’s banking assets. The app is rolled out by the company behind the XRP altcoin, Ripple, and uses its blockchain technology.

First introduced in a tweet by Ripple’s own profile on Thursday, the fintech company confirmed the app and its live version seven months after its initial announcement earlier this year. For the ones that don’t know, his app is a product of SBI Ripple Asia, which is a banking consortium that launched in 2016 with the main aim of leveraging Ripple’s blockchain technology for domestic bank transfers within the country.

The smartphone app also allows real-time and 24/7 domestic money transfers using xCurrent which is Ripple’s enterprise blockchain network, according to the published details from the app’s website.

MoneyTap will trigger payments with the use of a simple QR code or the recipient’s phone number via the app, supporting both iOS and Android platforms. With the launch, the app is also officially supported by three banks – Suruga Bank, Resona Bank, and SBI Net Sumishin Bank, mostly because of the zero-fee transfers between these banks.

The app is designed to be quick and allow small-amount remittances in a service that will help the life of everyday residents. The maximum transfer amount is limited to ¥30,000 (approx.
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$262) per transaction and a top of ¥100,000 ($875) per day.

Blockchain Breakthrough: 47 Japanese Banks Complete Money Transfer Pilot Using Ripple https://t.co/2igNj8nVQ9 pic.twitter.com/6iSW075uHY

— CCN.com (@CCNMarkets) March 2, 2017