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SBI MoneyTap Expanded Features Set To Go Live In 2020

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.

“MoneyTap” is the first mobile app developed and used by many different banks in Japan.

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
Suruga Bank
Resona Bank

A couple of days ago XRP_stuart posted a very interesting slide from SBI Japan Quarterly report:

 

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.ย  If this doesn’t sound like XRP is involved I am not sure what to tell you.ย  Exciting times coming!
1.ย  Prepaid charging services
2.ย  Salary prepayment service
3.ย  The small amount of money transfer service
4.ย  International money transfer service

Benefits of network applications
โœ“Ability to purchase and pay in real-time
โœ“Diversifying the pay cycle
โœ“Building our proprietary payment apps
โœ“Coordinate with the authorities at low cost
โœ“Digitizing money collection services
โœ“Cash management between stores

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