SBI Plans the Launch of there In-Store Payments With Ripple-Powered ‘Money Tap’ App. We all know the name SBI Ripple Asia, a subsidiary of Japanese financial giants SBI Holdings has launched a demo version of there in-store payments app using Money Tap. The Japan Bank Consortium will release a groundbreaking smartphone application called “MoneyTap”— powered by Ripple’s blockchain technology — to allow customers of the bank consortium to settle transactions instantly, 24 hours a day, seven days a week.
As of now, Money Tap is only using Ripple’s Xcurrent payment product which does not utilize XRP, but we have seen in SBI quarterly reports that they are open to the option of using XRP through this app. SBI has said they plan to go 100% live with Money Tap within a year. Money Tap was first introduced in 2018, and a year late the demo is up and running. I would suspect by this time next year Money Tap is 100% live and being used all over Japan.
In March 2019, SBI added 13 regional banks as co-founders of Money Tap Co., Ltd. The app has also been registered as an electronic payment agent in Japan. Early in May, Ripple added, Yoshitaka Kitao, president, representative director and CEO of SBI Holdings, to its board.
This is a very exciting time, and its fun to speculate what will happen a year from now.