Japan Bank Consortium to launch blockchain-powered app for domestic payments

“MoneyTap” will be available to their users 24/7.

The Japan Bank Consortium plans to launch a blockchain-powered smartphone application that will enable consortium customers to settle their transactions 24/7.

According to a press release, ‘MoneyTap,’ powered by Ripple technology, allows for instant and cost-efficient domestic payments with only a bank account, phone number, or QR code as a requirement.

Its 24/7 availability will also enable more flexibility and convenience as most domestic transactions had to be done within weekdays and between 8:30-3:30 or risk delays in delivery.

“We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payments infrastructure in Japan,” said Takashi Okita, CEO of SBI Ripple Asia. “Together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”

Three members of the Japanese consortium namely SBI Net Sumishin Bank, Suruga Bank, and Resona Bank will be the first to roll out the bank in the autumn of 2018 followed by a staggered launch for the rest of the 61 banks in the consortium.