Ripple is partnering with some Japanese banks to launch ‘MoneyTap’

Consumers in Japan could soon find relief in doing domestic payments in the Asian country.

According to reports, Ripple is partnering with some Japanese banks to  launch ‘MoneyTap’ a smart phone application that will enable consumer to make instant domestic payments via a bank account, phone number, or QR code.

Sources said Japanese banks SBI Net Sumishin Bank, Suruga Bank and Resona Bank will be the first banks who will use the mobile app in the autumn of 2018.

After the soft launching, the other 58 banks in the SBI Ripple Asia-led consortium will also start using the mobile app.

The new mobile app is seen as a huge help for paying consumers since it will bypass domestic payment rails to allow settlement of payment flows over the RippleNet blockchain network, shedding the costs associated with existing banking and ATM fees that are currently applied to domestic money transfers in Japan.

The mobile will also be revolutionary since it will reportedly introduce instant round-the-clock settlement of money transfers in a country where transactions are currently processed in a limited window on weekends and between 8.30am and 3.30pm daily.

Since the company was launched in August 2016, it has always been the mission and vision of SBI Ripple to modernize the existing payments system in Japan both domestically and internationally.

In fact last December,it already started the pilot trials on a system that will speed up money transfers between members of the consortium and South Korean banks.

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Peter Schmidt is a journalist focused on latest technologies in banking. Peter Schmidt is a senior writer and video host at TheOofy. He also hosts a podcast about tech finance. Previously, Schmidt was a finance reporter for Mashable and has been a contributor at APA, Fortune and Forbes. Schmidt has a Master's in Journalism from Heidelberg University.