Consortium of Japanese Banks to Launch Ripple-Based Payment App
March 8, 2018
One of the most adopted cryptocurrencies in the world, Ripple, will soon become even more adopted, as the consortium of 61 Japanese banks, that controls more that 80% of assets of Japanese banking industry, have been preparing to launch an app for retail consumers, based on Ripple blockchain technology.
The consortium is led by SBI Ripple Asia and it was launched back in November 2016. At first, 42 members were in that consortium, but this number has eventually grown to 61. Members of the consortium are focused on the development of blockchain solutions for payment and settlement systems of Japan.
The new app will allow clients of these 61 banks to make instant payments in Japan, using QR code, phone number and local bank account. It is believed that this will make payments much faster and easier, compared to payments through the traditional banking system.
CEO of SBI Ripple Asia Takashi Okita said:
"We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payments infrastructure in Japan. Together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers."
The current national payments clearing platform in Japan, Zengin, has limited capabilities: it allows to make domestic money transfers only between 8:30 AM to 3:30 PM and with transaction fees. Ripple claims that the based on their blockchain new payment app will make domestic money transfers faster and cheaper.
The app is scheduled to be launched in autumn 2018.