SBI To Launch Ripple Based Payment App This Fall

On the 12th of September, the CEO of SBI Ripple Asia, Takashi Okita, announced via twitter that the website to a new cross-border payment app was now complete. The tweet (that has been translated by google translate) was as follows:

Quietly, Moneytap’s website has been released. How about logo or screen image?

It would be safe to assume he was asking for input on the design of the logo or screen image from the last part of the tweet.

Further investigation the website of MoneyTap, we are greeted with a coming soon banner that says the app will be launched in the Fall of 2018, and will be supported on both Android and iOS. A screenshot of the site has been provided for a better visual cue of how the website and app will look like once fully launched.

SBI To Launch Ripple Based Payment App This FallHome page of the Moneytap website

To Launch First in Japan

Back in March this year, SBI Ripple Asia had announced that the app would first be launched in Japan and will be tested by 3 members of the Consortium of Banks SBI leads. The announcement stated the following:

Three members of the Japan bank consortium: SBI Net Sumishin Bank, Suruga Bank and Resona Bank will be the first to go live on the mobile app in autumn of 2018. This will be followed by a staggered roll out to the rest of consortium.

The Japan bank consortium, led by SBI Ripple Asia, is comprised of 61 banks covering more than 80% of all banking assets in Japan. MoneyTap will have the potential to provide on-demand payments to the vast majority of the country through this consortium.

Does it Use XRP?

The question on every Ripple fan and XRP HODLer is whether the new app by SBI Ripple Asia will be using XRP in the back-end ledger. If previous mobile apps are to be used as a reference point, the most likely Ripple solution on the app will be xCurrent as is the case with the Santander App that was released back in April.

In conclusion, the remittance industry will once again be made more efficient by SBI Holdings and Ripple through the Moneytap mobile app that will be launched in Japan later on this year.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.