A new payment platform is to be unveiled soon and is to be called MoneyTap. The product is the brainchild of Japanese financial firm SBI Holdings and blockchain-based payments processor Ripple. The app is due to begin operation this year and will be available to both IOS and Android devices.
The platform is to be powered by Ripple’s ledger technology which is becoming more and more popular for banking platforms.
The Ripple Announcement
The formal announcement was made when the website for MoneyTap was unveiled on Wednesday. The site simply announces that MoneyTap will be launching soon on IOS and Andriod devices. The service will be coming on an undisclosed date in Autumn and will be available for customers of three Japanese banks.
The announcement was made by Takashi Okita, the chief executive of SBI Ripple Asia, which is SBI’s joint venture with Ripple.
The project has received a lot of support since its inceptions, particularly from the Japanese Banking Consortium and from Ripple.
The app will, for now, only be available to customers of three Japanese banks that are members of the Japanese Banking Consortium which are SBI Net Sumishin Bank, Suruga Bank, and Resona Bank.
With time, however, the service will expand to 61 other members of the consortium.
The app will work via the use of a mobile phone number or a QR code which helps to save consumers time and effort to conduct their transactions. Such a method has previously been used by Santander for forex banking operations in the U.K, Poland, Brazil, and Spain.
The growing trend of Ripple’s ledger technology in banking platforms shows just another layer in the versatile application of blockchain technology.
As soon as the platform is launched and eventually expanded to dozens of other bank platforms, it will inevitably become more normalized and widely accepted.
This is bolstered by the fact that heavyweights such as Santander and SBI holdings are embracing it and launching it on key applications in such highly populated areas such as Asia.
The technology in question has the upper hand over traditional banking apps by eliminating the usual amount of time and effort required and with time, will probably replace them altogether.
With time, the use of such technology will become commonplace and further increase the acceptability of blockchain technology.