A consortium of 61 Japanese Bank, comprising more than 80% of the banking assets in the country, is preparing to launch the app retail consumer payments using the technology of the blockchain Ripple.
MoneyTap – a new app for smartphones will allow customers 61 of the Bank to make instant internal transactions in Japan using the technology of the Blockchain. Users will be able to make payments using instant transactions 24 hours a day, seven days a week.
Headed SBI Ripple Asia the Japan Bank consortium was first launched in November 2016, at which 42 members were focused on developing solutions based on the Blockchain. Since then, the consortium has increased to 61 Bank, which accounts for over 80% of all banking assets in Japan. The customers of the banks consortium will be able to make instant payments using a QR code, a phone number or Bank account number, says Ripple, which greatly simplifies the process compared to traditional Bank transfers.
The current national payment platform Japan “Zengin” allows for internal transfers in the period from 8:30 to 15:30 in the country through banks or ATMs. Ripple claims that the app based on the blockchain, will produce a quicker and cheaper domestic remittances.
CEO of SBI Ripple Asia Takashi Okita added:
“Together with the trust, reliability and coverage of the banking consortium we can create for our customers a faster, more secure and more efficient experience use of payments.”
At the time of launch, three members of the consortium SBI Sumishin Net Bank, Suruga Bank, and Resona Bank will begin to use the app, in the fall of 2018 will join the remaining 59 banks.