Blockchain-based Money Tap Goes into Live Demo Mode
Earlier this year, a group of Japanese banks announced they would be launching a mobile app based on Ripple’s blockchain-based technology. The two banks that are likely to be the first to launch the consumer-focused Money Tap app are SBI Net Sumishin Bank, Suruga Bank, both part of the larger Japan Bank Consortium. Japan Bank Consortium includes 61 banks that handle more than 80% of all banking assets in Japan. Resona Bank, which had been one of the original participant, pulled out of the project in April
Money Tap has been developed to allow bank customers to simply and instantly remit domestic payments with only a bank account, phone number or QR code for the payment destination. In addition, Money Tap will reduce costs associated with consumer banking, such as ATM withdrawal fees that are applied to domestic money transfers in Japan. The system is based on Ripple’s xRapid payment system.
SBI Ripple Asia, a subsidiary of SBI Holdings, has now said it has launched a demo test of Money Tap for in-store payments, in advance of a full rollout of the app, expected this fall. The demo will use QR code-based settlement at a restaurant, allowing SBI to not only verify the app’s capabilities, but also to understand how it enhances the customer experience with instant fund transfer.
Ripple’s focus has been largely on creating more efficient cross-border payment solutions, and more than 100 institutions are using its xCurrent solution to enable instant cross-border settlement with end-to-end tracking.
The Money Tap project is showing blockchain’s relevance to local, consumer-based payment applications as well.
The Blockchain Event 2020, taking place in Ft. Lauderdale, Florida, February 12-14, 2020, will explore how not only financial institutions, but enterprises across various markets are developing blockchain applications to drive new efficiencies into their operations, and how those applications are creating better business models. If you’ve been working with blockchain and would like to share your blockchain innovation experiences, we’d love to hear from you.
Edited by Erik Linask