SBI To Launch Ripple DLT-Based Payments App

Nishanth Shetty

September 15, 2018 1:16 pm

Ripple News

SBI To Launch Ripple DLT-Based Payments App | Coindelite News
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According to the reports, the Japanese financial company SBI Holdings is launching a payment application. The application will be supporting iOS and Android devices. Ripple’s distributed ledger technology has been used to build the application.

SBI has already collaborated with Ripple to use its distributed ledger technology. Takashi Okita, chief executive of SBI Ripple Asia, announced the website of the application named MoneyTap. The launch date has not been revealed yet. The website has mentioned that the application will be launched soon. The site also has indicated that the application is available in autumn for both Android and iOS users of three domestic banks in Japan.

In March, SBI Ripple Asia announced that Japan’s Banking Consortium supported the project. The company also mentioned Ripple’s name in the announcements which work on technical support.

At the time of March’s announcement, the company further stated that the service would be used by customers of SBI Net Sumishin Bank, Suruga Bank, and Resona Bank. But the present announcement indicates that the application is expected to expand the service to another 61 members of the banking consortium.

Through the application, customers will be able to process 24 hours transactions. Users can conduct transactions using a phone number or scanning QR codes in order to decrease the time consumed while processing payment system by traditional banking methods.

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