SBI Holdings announced that Miyazaki Bank became the 37th Japanese financial instution to invest in Money Tap. Currently, Money Tap is working to expand existing functions, such as QR code payments, prepaid charges and P2P transfers. There is now a total of 37 financial institutions participating in the money tap investment.
MoneyTap, a DLT-based payment app developed by SBI and Ripple. SBI Ripple Asia began working with a consortium of Japanese banks in 2018 on ‘MoneyTap’, a smartphone application that enables consumers to make instant domestic payments via a bank account, phone number, or QR code.
The new service bypasses domestic payment rails to allow settlement of payment flows over the RippleNet blockchain network using the cendor’s xCurrent product, shedding the costs associated with existing banking and ATM fees that are currently applied to domestic money transfers in Japan.
MoneyTap is a smartphone app that allows users to transfer money between individuals individually, safely, instantly, and connects its system infrastructure to domestic and overseas financial institutions. In order to do this, SBI is expanding MoneyTaps functions such as QR code * settlement function and prepaid charge function as well as the remittance function between individuals. Furthermore, by forming an ecosystem with financial institutions, business operators such as payment providers and fintech companies, we will realize a customer experience that allows customers to receive various services at peace of mind, convenience and at low prices.