Ripple-powered payments app MoneyTap has now gone live, according to an official tweet October 3. The consumer-focused service was co-developed by Ripple and Japanese financial services giant SBI Holdings.
According to the product’s website, MoneyTap will use Ripple’s blockchain solution xCurrent to enable domestic bank-to-bank transfers in “real time.” Account holders at three participating Japanese banks – SBI Sumishin Net Bank, Suruga Bank and Resona Bank – can send funds using the mobile app, which is compatible with both iOS and Android devices.
After registration, users will reportedly need just their cell phone numbers or a QR code to complete transfers in either Japanese yen or foreign currencies, without a commission fee. The payment system will be secured using the devices’ inbuilt security technology, such as biometric login authentication systems that use fingerprint scanning.