SBI Holdings, a reputable Japanese financial service group, has revealed intentions to launch its own customer payment device in the form of a mobile App, MoneyTap. The application will be android-enabled as well as iOS, the bright side of this application is that it would be using Ripple’s blockchain platform.
SBI Ripple Asia and “MoneyTap” Project
It is pertinent to note that SBI Ripple Asia is a joint venture formulated through the partnership of SBI Holding and San Francisco-based FinTech giant Ripple 2016. According to a tweet by its CEO, Takashi Okita, it can be deduced that the joint venture is on the verge of launching “MoneyTap.”
The ingenuity of the MoneyTap application lies in the fact that it is the first concrete application of Ripple’s blockchain technology into the customer retail payment sector in Japan. This invention would enable domestic bank customers to engage in financial activities round the clock using just a QR code, a bank account or a phone number.
However, there are speculations that there might be a chance of the technology using XRP which is Ripple’s native crypto token but as at press time, this is very unlikely.
How Is MoneyTap Application Any Different?
There would be no need for the new app if the traditional system is doing justice to the assigned duties, ‘Zengin,’ which is Japan’s national payment clearing platform despite being in existence for over decades only allows domestic funds transfer among users of different banks between the time of 8:30 AM and 3:30 PM in the country, not forgetting the risk of added banking fees. This decade-old system is far from updated amidst increasing demand.
In March, it was reported that the mobile application was revealed by the SBI Ripple-led banking consortium constituted by over 80% of banking asset in the country. The Japan Bank consortium was first introduced in November two years ago.
Though there is no official date for the launch of the mobile app yet on the MoneyTap’s website but it revealed the user interface (UI) while the launch proposal was being confirmed in Q4 of this year.
The arrangement for the launch is that; customers belonging to three members of the consortium will be enabled to benefit from the service before it is subsequently introduced to the 59 banks on the other side of the consortium. The three pioneering banks have a first contact benefit of the application are namely; Suruga Bank, SBI Net Sumishin Bank, and Resona Bank.
However Ingenious, Not First
Though SBI Ripples Asia dominates the domestic scene in Japan, the firm would have to queue behind some pioneering members of this subject matter. This implies that MoneyTap isn’t the first consumer-based retail payment mobile app developed using Ripple’s blockchain technology.
In April, Spanish banking giant Banco Santander has also introduced a payment application for retail customers all over Spanish, Brazilian, Polish and United Kingdom economies. This mobile application enables almost instant transfers.
End-to-end tracking of payment which has a transparent foreign exchange fees within “3 clicks and 40 seconds” according to Santander, this solution is similar to that of the MoneyTap as it uses Ripple’s enterprise blockchain software xCurrent, a product which doesn’t use XRP as well.