Cryptocurrencies & Platforms

SBI Ripple Asia Might Use XRP for MoneyTap remittance services

SBI Holdings, a strong backer of Ripple (XRP), has revealed that its subsidiary SBI Ripple Asia is conducting a demo of its MoneyTap app for merchant payments in preparation for a full launch. The app, aimed at retail payments, is powered by Ripple’s xCurrent technology. The first demo will be conducted at a restaurant in the company’s headquarters.

MoneyTap is a micropayments app that involves the participation of 13 Japanese banks, and allows users to send and receive money through the use of phone numbers or a QR code. The app was launched in October 2018 and has registered with Japanese authorities and been granted a license to handle electronic payments.

Powered by xCurrent, the app allows for near-instant transfers 24 hours a day, 7 days a week. Merchants who are a part of the program will also benefit from quicker settlement and stronger security.

SBI CEO, Yoshitaka Kitao, who has joined Ripple’s Board of Directors, said that using XRP in the app is not out of the question, showing some interest in doing so, CoinTelegraph Japan reports. The CEO is extremely bullish on Ripple and has said that he expects many banks in Japan to use XRP by 2025.

Abhimanyu Krishnan

Abhimanyu is an engineer on paper but a writer by living. To him, the most celebratory aspect of blockchain technology is its democratic nature. While he’s hodling, he can be found reading a good book or making the local dogs howl with the sound of his guitar playing.

Share
Published by
Abhimanyu Krishnan

Recent Posts

Is A Silicon City Tech Giant Behind BlockDAG Network As Its $11.4M Presale Outcasts Floki Inu Price Surge Amid BOME Fluctuation

With Floki Inu's next bull run approaching, investors are closely monitoring its innovative token burn…

2 weeks ago

BlockDAG Becomes Top Crypto Investment Choice with $9.9M Presale, Beating Fantom & Apecoin

BlockDAG (BDAG) has continued to stand out with its innovative presale strategy, offering early investors…

2 weeks ago

Render and Dogecoin Price Predictions Defy Expectations As BlockDAG Emerges as the Highest ROI Crypto for 2024

As we venture into 2024, the crypto market is brimming with potential for unprecedented growth.…

2 weeks ago

Solana’s 20% Trading Spike Sparks BlockDAG Presale Interest While Memeinator Presale Reaches Edge

This analysis contrasts the flourishing momentum of BlockDAG coin's presale against the backdrop of the…

3 weeks ago

CryptoGames Review: Bitcoin and Altcoin Casino

Ever wondered what it is like to experience the extravagant casino vibes in the comfort…

2 years ago