Currently there is a plan to launch a Ripple-powered mobile payment application called MoneyTap, all driven by Japanese Fintech giant SBI Holdings. According to Bitcoin Magazine, the CEO of SBI Ripple Asia, Mr. Takashi Okita, shared a tweet with followers that this new system will be easy to use and will not charge fees. MoneyTap is expected to “provide on-demand payments” to Japanese customers through its consortium. The Consortium is a group of 61 Japanese banks, these members brought together by SBI Holdings and SBI Ripple Asia. This system is designed to eliminate the current time constraints that come with traditional Japanese banking systems. Fast and efficient seem to come to mind.
The consortium is called Japan Bank Consortium (JCB), with 61 members across Japan. This system is designed to be faster, safer and more efficient than other payment systems. The exact launch date for the mobile app is not certain, but the site gave an estimated timeline for the release and both the Android and iOS versions – shooting for Autumn of 2018.
As we know, Ripple was adopted by Japanese banks to build out an efficient, safe and speedy system that can handle volumes of transactions while settling them quickly. This new app could change the way that Japanese do daily bank transactions, saving time and money along the way.