Today Japan’s SBI Holdings
announced that the Money Tap blockchain payments app has incorporated into Money Tap Limited. The app launched in October last year enabling bank to bank payments by scanning a QR code. Previously it involved a consortium of sixty Japanese banks led by SBI Ripple Asia, a joint venture between SBI (60%) and Ripple (40%). By incorporating Money Tap, the aim is to provide new services faster.
According to the
Nikkei Review, the company is initially a 100% SBI subsidiary with the aim of getting investment from banks to be announced shortly. But for now, SBI can provide financing to push the initiative forward.
The
Money Tap app enables both domestic and foreign payments. The advantage for domestic bank payments is they can be made 24/7 rather than just during banking hours which is the current norm in Japan.
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Image Copyright: SBI Ripple Asia
