According to Ripple’s blog, a group of 61 Japanese banks will launch an instant mobile payment application powered by Ripple named “MoneyTap”.
The consortium of banks managed by SBI Ripple Asia represents around 80 percent of all of Japan’s banking assets, reported Ripple. SBI Ripple Asia’s CEO, Takashi Okita mentioned on Ripple’s blog.
“Together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”
The SBI Net Sumishin Bank, Suruga Bank and Resona Bank will start using the application in the coming fall while the others will come in gradually. This application, powered by Ripple, will allow users to make purchases 24 hours a day and 7 days a week.
Ripple had some recent good news in February with the Saudi Arabian Monetary Authority and Western Union, both using the Ripple platform for international transactions. Earlier this month, Ripple also made a partnership with a South Korean Bank that’s also using a Ripple platform for cross-border transactions.