Ripple, a blockchain company has announced about its first payment app for smartphones which will go live in coming fall. Named ‘MoneyTap’, this app has been developed in partnership with 61 banks belonging to the Japan bank consortium.
Three members of this consortium – SBI Net Sumishin Bank, Resona Bank and Suruga Bank will be the first ones to go live on this app. ‘MoneyTap’ is a one of its kind app targeted at people of Japan. It will provide a platform for the customers of all these banks to perform instant transactions at any point of time!
MoneyTap is special since it will be the first smartphone app that will be developed and used by multiple banks of Japan. With 61 banks onboard, this covers almost 80% of the banking assets of the entire country!
To make transactions with MoneyTap, all the Japanese customers need is a bank account and a phone number, or only a QR code would suffice! People can save money that they pay as fees for ATM transactions as most of their payments can be done online and so no need to rush to ATM!
Apart from partnering with Japan bank consortium, Ripple has two other partners namely Saudi Arabian Monetary Authority and Western Union. While the former is helping in developing the app for cross-border payments, the latter one does the testing procedures!
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