A group of 61 Japanese banks has started using a payment app build on the Ripple blockchain. MoneyTap is a product from the SBI Ripple Asia consortium and uses xCurrent to quickly transfer money between banks. MoneyTap is aimed at consumers and is available on Android and iOS.
Payments can be triggered by scanning a QR code or entering the recipient’s phone number. The app is currently mainly used by three major banks: Suruga Bank, SBI Net Sumishin Bank and Resona Bank. Transferring money between accounts from these banks now happens without paying a fee.
Because MoneyTap is aimed at consumers, the amount of money transfers is limited. For each transfer consumers can send the maximum of 30.000 Yen ($262) with a maximum of 100.000 Yen ($875) per day.