Japanese banks plan to use the Ripple DLT to create payment application based on the mass consumer

Japanese banks plan to use the Ripple DLT to create payment application based on the mass consumer

A group of Japanese banks ‘ plans to use technology to create Ripple payment applications based on the blockchain based on the mass consumer.

Japanese banks SBI Sumishin Net Bank, Suruga Bank, and Resona Bank will launch an application for smartphones this fall. The app will be called MoneyTap and will work on the basis of the Ripple.

Ripple says that the new app will allow customers of the three banks to conduct transactions 24 hours a day, seven days a week. It also says that using a Bank account or phone number, or QR codes, users will be able to make instant transactions without the usual time constraints, traditional Bank transfers.

All three banks are members of the Japanese Bank consortium led by SBI Ripple Asia and currently test Ripple. The company plans that after launching the application, to banks that use it will have at least 61 Japanese Bank, who are also members of the consortium.

Read also – What affects the price of XRP? Interview with the founder of Ripple, brad Garlinghouse

This is one of the latest joint initiatives SBI Ripple Asia – a joint venture run by the company Ripple and Japanese financial giant SBI Holdings. At the same time, it is first oriented to the mass market.

As we reported earlier, SBI Ripple Asia have already launched several pilot blockchain projects involving banks from Japan and South Korea.

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