- MoneyTap is using Ripple to upgrade its services.
- Ripple will enable MoneyTap to have a new community currency and corporate payments.
MoneyTap, a subordinate of Japanese financial group SBI Holdings, is using Ripple according to a press release on 28th October. Ripple will enable the mobile application to upgrade its services, including a new community currency and corporate payments.
On 1st September it was announced that Japan’s Higo Bank would be joining the MoneyTap web. SBI Holdings also revealed its plan to reinvigorate struggling banks by moving them into higher-margin businesses.
In June of this year, it was published that SBI aims to initiate the first cryptocurrency fund in Japan, which will include 50 percent XRP, 30 percent Bitcoin, and 20 percent Ethereum. In March this year, the Japanese financial giants declared that they intend to consolidate MoneyTap with ATMs in Japan, which will decrease banks’ costs of using ATMs.
MoneyTap is a mobile payment application produced by Ripple and SBI Holdings. With the aid of distributed ledger technology, its users can transfer money for free using a mobile number and QR code. The app has fingerprint biometrics to enhance user experience and security. It was made available to Android and iOS users last year.
Over 300 financial organisations have joined RippleNet, a decentralized payment network made of financial service providers worldwide. Ripple has an active presence in Japan, thanks to SBI Holdings. Both businesses formed SBI Ripple Asia to offer blockchain-based payments to financial firms in the continent. Although Ripple has acquired payment market share, XRP News classed it as one of the low-performing crypto assets by market capitalization.
SBI Holdings was founded in 1999 and is headquartered in Tokyo. It controls the SBI group, which offers inclusive monetary services that comprise asset management, biotechnology, securities brokerage, and others.