Ripple-powered payments app MoneyTap launched in Japan

Japan Bank Consortium, a blockchain alliance led by SBI Ripple Asia – a joint venture between Ripple and SBI Holdings, has launched the much-awaited MoneyTap app, Ripple confirmed in a tweet on Thursday.

Available for both Android and iOS devices, MoneyTap is Ripple-powered payments app that offers real-time settlement for domestic payments in Japan. It uses xCurrent – Ripple’s enterprise software for messaging and international transaction settlement.

“xCurrent is Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking. Using xCurrent, banks message each other in real-time to confirm payment details prior to initiating the transaction and to confirm delivery once it settles,” Ripple explained.

Speculations on the app’s launch were rife particularly after SBI Ripple Asia completed its registration with the Kanto Local Finance Bureau as a licensed agent for handling electronic payments last month.

According to the official website, the app is currently supported by three Japanese banks – SBI Sumishin Net Bank, Suruga Bank, and Resona Bank – and plans to expand to more banks gradually.

Using MoneyTap, users will be able to send funds to others using their mobile phone number or QR code. The app uses devices biometric authentication, such as fingerprint scanning, for ensuring security.

Earlier this year, banking giant Santander also launched an international payments service – Santander One Pay FX – which uses xCurrent.