SBI to launch Ripple DLT-based payments app

MoneyTap, the site of the application, has already been launched, while the application is planned to be available this autumn on both iOS and Android devices for customers of three domestic banks in Japan, Sumishin Bank, Suruga Bank, and Resona Bank. After an official launch, it is expected to expand the service to other 61 members of the banking consortium.

The application would let customers conduct domestic transactions 24 hours a day and seven days a week by using a phone number or scanning QR codes in an effort to eliminate the time constraint imposed by traditional methods.

SBI Ripple Asia revealed the project idea supported by the Japan Banking Consortium in March 2018, CoinDesk reported.