Yesterday MoneyTap announced that Ripple had invested an undisclosed amount in the Japanese payment platform. MoneyTap offers a payment solution for consumers in some ways similar to Alipay or PayPal, but in the background it uses RippleNet to transfer money between the banks.
The investment represents the completion of a full circle (explained later), because Ripple initially indirectly had a part share of the solution, which is currently owned by SBI Holdings and 36 banks.
The app enables p2p payments, including using QR codes, although the wallet is linked to a bank account. One of Japan’s challenges is that bank payments generally are executed during narrow banking hours, whereas modern systems expect 24/7 operations. Hence Ripple’s technology is used as a solution to enable the banks to send transfer messages to each other.
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