Some more amazing news coming from SBI. Yoshitaka Kitao never seems to disappoint the community. MoneyTap connects over sixty banks and will now be able to use XRP for foreign remittances. MoneyTap has launched 4 months ago and at the time we were told it would not be utilizing XRP. Well, four months later we are now being told that MoneyTap will use XRP. SO what is MoneyTap. MoneyTap is a DLT based payment application that is innovated by Ripple and SBI. MoneyTap makes it easy for users to achieve seamless and instant domestic transfer using QR codes 24 hours a day 7 days week. What makes MoneyTap so unique is that it is the first mobile app of its kind to be developed and used by multiple banks in Japan. Just imagine what the future holds as the world will be powered by XRP.
As of now, we know of 3 banks that are live on the MoneyTap app with the rest scheduled to be rolled out over time. Yoshitaka Kitao has stated that by 2025 Japan will be powered by XRP and every bank in Japan will be using XRP. MoneyTap uses RippleNet blockchain network instead of the common domestic payment rails. The app reduces the cost and time of transfer associated with normal banking money transfer through ATM in Japan. MoneyTap offers a free of charge 24/365 inter-bank remittance
SBI Net Sumishin Bank