Ripple, in conjuction with a consortium of 61 Japanese banks, will debut an app this fall in Japan that settles payments instantly. SBI Net Sumishin Bank, Suruga Bank and Resona Bank will test the new app first. If the test is successful, the app will be rolled out to the rest of the banks in the consortium. (CNBC)
Money Tap is the name of the new app.
Ripple said that the app would make it easier for banks to settle round-the-clock domestic payments in Japan. Consumers will require a bank account, phone number or a QR barcode to use the app, Ripple said. (CNBC)
Be smart: There’s a reason this launch is happening in Japan. Japan is adopting one of the most progressive approaches to blockchain technology and fintech. Japan is counting on fintech to be a major driver of its economy in the future and provides regulatory friendly environment to launch blockchain solutions.