- Money Tap’s Partnership with PayPay, Exposes RippleNet-Based Payments Solutions to Millions
- The New Scheme Will be Run on RippleNet
According to reports, the Japanese based SBI Group has revealed the beginning of a new partnership between its payment app and PayPay system. This was on October 30. On said date, SBI released an official note regarding the matter. The Japanese based firm confirmed that its Money Tap payment app is set to enter into a partnership with PayPay. The Money Tap payment app is set up by SBI in collaboration with Ripple. It is also included in the RippleNet payments solution.
The New Scheme Will be Run on RippleNet
Per the report, the new initiative will be run on the RippleNet solution instead of the CAFIS infrastructure. Additionally, Millions of customers and merchants in Japan will be using the RippleNet payments solution. PayPay has a vast user base reaching about ten million people in Japan alone, and another 1 million Japanese merchants and local stores in the country. Money Tap utilizes Ripple’s xCurrent system, a much quicker and cheaper option than CAFIS or SWIFT. It is understood that PayPay will run on RippleNet.
Thanks to its QR code payments feature, PayPay allows its users to carry out purchases in online and offline shopping outlets in Japan. The solution was setup when Paytm, the biggest Indian payment company entered the Japanese market. Paytm launched PayPay in collaboration with SoftBank and Yahoo Japan. Currently, the Indian authorities have banned cryptocurrency activities (including, using as legal tender and trading via exchanges) in the country. However, if the crypto embargo in Indian is removed in the future, there is a possibility that Paytm’s Ripple-backed payments will make an entry into the Indian market.
Recall that it was previously reported that Ripple’s cryptocurrency, the XRP was exposed to 81 million users in Japan. This happened because the 81 million users come from the BITMAX exchange and the popular Japanese LINE chat app. It is understood that all LINE users can access BITMAX’s trading services via their LINE Wallet tab. The development team behind this project intended to make BITMAX a user-friendly solution to the maximum degree. The goal was to make that even users who have no experience in crypto or digital currency trading can use the solution. XRP is currently ranked number three among the top cryptos by market cap.
XRP (XRP) Price Today – XRP / USD
# Name Price 24H % 3 $0.220
Apart from Ripple’s XRP, BITMAX also supports tokens like Bitcoin, Ethereum, Bitcoin Cash and Litecoin. The latest report will likely promote the image of XRP as the asset continues to gain more adoption and use cases.