SBI Ripple Asia Co., Ltd., a joint venture of SBI Holdings and Ripple, today received permission from the authorities of Japan on the launch of the payment application MoneyTap. The company received the right to process, implementation and transmission of digital payments as the official “provider of Agency services for settlement of electronic money transactions”.

Using MoneyTap users can instantly send and receive funds irrespective of which banks have opened accounts. In a press release published on the website of SBI, said:

“Today, SBI Ripple Asia Co., Ltd. completed the process of registration as an agent for settlement of electronic payments. SBI Ripple Asia will present an application for smartphones (MoneyTap) connected to the network of our consortium on the basis of the distributed registry (DLT)… so our clients can quickly and conveniently send payments between themselves without having to worry about security. To simplify the process of connecting to the platform for financial institutions participating in the consortium, set up a special open API”.

SBI did not give an exact date of release of the app. It is assumed that MoneyTap appears on the market somewhat later than or simultaneously with a full sapuca payment solutions Ripple xRapid.

Along with this, the XRP has also been used in compensation Coil. The platform, launched this week, uses XRP as the unit of voluntary payments of user and subscription content.

Amid news of growing practical value XRP quotes token has skyrocketed. Last week, the asset temporarily ahead of Ethereum, occupying the second place in the ranking of the market capitalization of cryptocurrencies.