SBI Ripple Asia’s MoneyTap App Based on xCurrent Rolled Out In Japan
MoneyTap app is consumer-focused blockchain money transfer application for Android and iOS devices. The platform, developed by SBI Ripple Asia, rolled out in Japan.
As reported by Ripple, the MoneyTap app is the brainchild of SBI Ripple Asia, helped by several partner banks. Also, a new website has been established for this application where it says that MoneyTap allows for bank-to-bank money transfers in real time thanks to Ripple’s xCurrent.
Compatible with both Android and iOS, users of the MoneyTap app can send and receive money with ease. Also, the application is very secure, boasting some biometric log-in features, including fingerprint scanning.
To send money with the MoneyTap app is a very straightforward process. Accordingly, all you have to do is to enter the recipient’s phone number or scan a QR code he/she submits to you.
MoneyTap app, developed by SBI Ripple Asia, is only available in Japan
For the moment, SBI Ripple Asia’s MoneyTap application rolled out just in Japan, and users can send money only between accounts held at the three Japanese banks that accepted the app, namely, SBI Sumishin Net Bank, Suruga Bank, and Resona Bank.
According to the MoneyTap site, users can send money in Yen, the Japanese fiat currency, or other currencies, as well, at no costs.
SBI Ripple Asia obtained the license to conduct electronic payments in September this year when Japan’s Ministry of Finance gave the company the green light and deemed it as a licensed agent for handling electronic payments.
The MoneyTap app is based on Ripple’s xCurrent platform, developed on distributed ledger technology, which allows for almost instantaneous and cheap transactions, including cross-border payments.
Ripple’s xCurrent is increasingly more accepted by financial institutions and banks, so soon it might become one of the common remittance systems worldwide.
Also, keep in mind that this Ripple platform is not using the XRP (XRP) crypto token as xRapid does.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.