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.
SBI Ripple Asia is launching a store settlement service affiliated with SBI Holdings and Ripple’s jointly developed (#xCurrent) #XRP-powered payments app #MoneyTap. MoneyTap aspires to have a consortium of 61 Japanese banks participate in the service, with 13 already signed up.
— Weiss Ratings (@WeissRatings) June 1, 2019
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.
— M2j 🐳 Ⓧˣᴿᴾ (@Moha_XRP) June 1, 2019
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.