According to a press release by an SBI Group portal on June 26, seven more Japanese banks joined the MoneyTap payment platform. The report named Ashiga, Toho, Chikubo, Fukushima, Towa, and Shimane banks as the new participants. A tweet by the XRP Research Center also confirmed the new entrants on the SBI Ripple Asia’s money transfer platform. According to the tweet, there are now a total of 20 banks participants on the MoneyTap platform.
The transfer service launched by Ripple recorded this success barely a month after 13 Japanese banks first joined the platform. MoneyTap App is powered by XRP and the cashless money transfer platform already has 20 banks as participants. With MoneyTap, banks in East Asia will eventually opt for cashless payment for transactions.
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MoneyTap is a blockchain money transfer app created by Ripple and SBI Holdings. With Ripple’s xCurrent payments products, the app will be able to perform seamless bank to bank money transfer. With the website launched for the cashless payment, users can transfer money on the platform in real time. Besides, MoneyTap is available on Android and iOS devices. Being mobile-friendly, users can transfer funds using their smartphones or QR codes. However, they should use devices that require security features such as fingerprint scanning.
The app which relies on xCurrent was launched in October 2018. The Japanese regulators issued an operational license for the app to SBI Holdings. Bank of Yokohama and SBI Sumishin Net Bank were among the 15 Japanese banks that conceived the idea of money transfer service. The group of financial institutions opted to use blockchain technology to provide a secure and low-cost transfer service.
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SBI Ripple Asia was formed to achieve this purpose. Co-owner of the SBI Sumishin Net Bank, SBI Holdings partnered with Ripple Labs to create the MoneyTap App. This blockchain money transfer app drastically reduced the wiring costs associated with the transfer of funds. Previously, charges of thousands of Yen are paid as charges for cross border money transfer in Japan.
With the Ripple powered platform, individuals can transfer money 24/7 at low-cost. Besides, users pay little charges for transfer of small amounts of funds. Due to its convenience for payments, MoneyApp has facilitated e-commerce and foreign exchange margin trading. The money transfer app aims at getting 80% of the East Asian banking assets on its platform. This percentage corresponds to about 61 Japanese banks joining the blockchain as participants.
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The digitally savvy millennials prefer mobile money payment to cash-based transactions. However, this region of the world has the highest population of unbanked. MoneyTap has excellent growth potential in Japan since most of the transactions in the country are cash-based. Besides, the limited banking hours restrict the transactions to a specified period. Fortunately, the Ripple powered platform provides a solution to this limitation by supporting around the clock cashless payment.
However, MoneyTap has to overcome certain challenges to transform the cash-based payment system predominant in Asia. Convincing banks and individuals to adopt the blockchain-powered money transfer solution seems to be an uphill task. The withdrawal of Resona Bank from the platform was a big blow to the platform. However, the partnership with MoneyGram and other significant banks has helped the xCurrent-powered platform to maintain its value.