Ripple teams up with Japanese banks to develop blockchain payment app

Thursday 8 March 2018 00:45 CET | News

Ripple has partnered with a consortium of 61 Japanese banks to develop a blockchain-powered payment app that settles transactions instantly.

The app, Money Tap, will first go live in the fall of 2018 and will be available with three banks included in the consortium — SBI Net Sumishin Bank, Suruga Bank and Resona Bank — before being rolled out to the rest of the consortium.

The app is aimed to make it easier for banks to settle domestic payments in Japan. Consumers will only be required a bank account, a phone number or a QR barcode to use the app.

The banking consortium is led by SBI Ripple Asia, a joint venture between Ripple and SBI Net Sumishin Banks parent company SBI Group.

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Keywords: Ripple, Japan, bank, blockchain, payments, SBI Ripple Asia, SBI Net Sumishin Bank, Suruga Bank, Resona Bank
Categories: Payments & Commerce | Online Payments
Countries: World
This article is part of category

Payments & Commerce