Just as you thought the great news was over for today we get some more amazing news out of SBI. MoneyTap is set to live in 2020. From looking over the quarterly report we are expecting a Q1 2020 launch. The Japanese banking community will launch a ground-breaking smartphone app called “MoneyTap” (driven by Ripple’s blockchain technology) to enable 24×7 real-time payment settlement for customers in the community.
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
Banks Live On MoneyTap:
SBI Net Sumishin Bank
A couple of days ago XRP_stuart posted a very interesting slide from SBI Japan Quarterly report:
SBI Holdings, Inc. Financial Results October 30, 2019
“Partner with overseas commercial banks to expand MoneyTap network”
“Scheduled for 𝙇𝘼𝙐𝙉𝘾𝙃 in 2020 with 𝙈𝘼𝙅𝙊𝙍 𝘾𝙊𝙈𝙈𝙀𝙍𝘾𝙄𝘼𝙇 𝘽𝘼𝙉𝙆𝙎 in Southeast Asia”
-MoneyTap Runs on Ripple- pic.twitter.com/dXcwFbVsYl
— ༜༝🅂🅃🅄🄰🅁🅃🅇🅁🄿💧⚡ (@xrp_stuart) November 16, 2019
SBI is expanding features to the MoneyTap app – see images below.
These 4 new features/services will all pass through RippleNet and utilize the MoneyTap app. If this doesn’t sound like XRP is involved I am not sure what to tell you. Exciting times coming!
1. Prepaid charging services
2. Salary prepayment service
3. The small amount of money transfer service
4. International money transfer service
Benefits of network applications
✓Ability to purchase and pay in real-time
✓Diversifying the pay cycle
✓Building our proprietary payment apps
✓Coordinate with the authorities at low cost
✓Digitizing money collection services
✓Cash management between stores