- Ripple-Powered MoneyTap to be integrated by Fukushima, a major Japanese Bank
In our Ripple news yesterday, we talked about how the price of XRP and other cryptocurrencies recently experienced a significant rise and fall. In that Ripple news, we also talked about how Ripple has continued to strive in the space my sealing strategic partnerships across the globe. Irrespective of the poor performance of the XRP token, other products by Ripple have been making waves in space. This includes the Ripple-powered MoneyTap which has been adopted by several banks. One of the major banks in Japan, Fukushima Bank has just integrated MoneyTap.
MoneyTap Integrated by Fukushima Bank in Japan
SBI Holdings, one of the biggest financial corporations in Japan is also one of Ripple’s strongest partners. Thanks to the new partnership between SBI Holdings Inc. and Fukushima Bank Ltd., Ripple’s MoneyTap, a payment application that was launched last year, will be integrated into Fukushima. It is important to note that Fukushima is a regional leader in Japan. According to the Ripple news, the bank decided to integrate MoneyTap to make financial transactions cheaper and more convenient for its users.
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By partnering with Fukushima Bank, SBI Holdings will own an 18% equity stake in the company. This move might just save the bank which has been struggling to make a profit for a long time. It’s not a surprise that Fukushima has been struggling to make a profit as 45 of the 105 retinal banks in Japan have not reported any profits for two years in a row. The monetary policy in Japan is one of the reasons why they’ve not been able to make a profit.
About six years ago, the Bank of Japan introduced quantitative easing to boost the economy by encouraging spending. While this method is great for boosting the economy, it puts banks under a lot of pressure making it difficult for them to earn. By using MoneyTap, the bank will cut operation costs and may be able to boost profitability. This is because the MoneyTap app allows individuals to send money to other users through QR codes or telephone numbers.
At the beginning of September, Kita-Nippon, Awa and two other banks joined the MoneyTap group making the total number of banks on MoneyTap 29. The app has had its downturns over time. In April, one of the top banks in Japan, Resona, abandoned its plans to integrate MoneyTap. This didn’t stop the app from progressing as many other banks have joined the team since then. Hopefully, more banks will join the team soon.