A consumer-oriented retail payments application powered by Ripple blockchain technology has found patronage in a group of 61 major banks from Japan. These banks control over 80% of their country’s banking assets and the consortium’s efforts to launch a Ripple payments app has only recently been green-lighted by the authorities.
This exciting piece of news comes straight from the horse’s mouth as Ripple took to its official Twitter handle on 4th October to confirm this development. The fintech firm from San Francisco had made an announcement concerning the possibility of such an app about seven months back and it is finally becoming a reality. The app has been developed by SBI Ripple Asia, a collaboration between the finance behemoth SBI and Ripple. The partnership, which was initiated in November 2016, was meant to use Ripple blockchain tech for bank transfers in the country.
The smartphone app is called “MoneyTap” and is designed to ensure real-time, all-year-long inland money transfers via the xCurrent blockchain network. The application will be available for Android as well iOs interfaces and users will be able to initiate payments by scanning a QR code or using the mobile number of the recipient. After the new launch, the app will be supported for free-of-cost bank transfers between three banks- the Resona Bank, Suruga Bank and the SBI Net Sumishin Bank. If users request a refund of the amount already expended, they will have to pay a nominal fee.
The app has been fashioned to introduce ease and speed into small transfers between ordinary people. Currently, it is equipped to transfer a maximum of ¥30000 per transaction with an upper limit of ¥100000 each day.
Prior to the launch of this app, the old Japanese platform Zengin has been the trusted way to clear payments for years. However, that is soon about to change as the new app will allow 24*7 services as opposed to the 8:30AM-3:30PM timeframe of the Zengin remittance portal. Even so, the use of blockchain does not mean that the new app will allow crypto transfers as well. As of now and any foreseeable period, it will be meant only for fiat transfers between citizens.