In December of last year, it was reported that Japan’s banks will create a special consortium of payment card industry that uses a technology Ripple Blcokchain.

Today it was announced that the Japanese banking consortium announced the release in the near future applications for payment with the help of smartphone called MoneyTap, it will work on the foundations of the technology of the Blockchain Ripple. The goal is to allow customers of banks in the consortium, to instantly process transactions 24 hours a day, seven days a week.

Some users have already tested the application during preview. This is the first mobile app of its kind, in addition, it will support several different banks.

Ripple Blockchain in the domestic market of Japan

A consortium of Japanese banks led by SBI Ripple Asia, consists of 61 of the Bank, covering more than 80% of all banking assets in the country.Thus, MoneyTap will cover almost the entire market and the majority of our customers will be able to use its services.

The flexibility of the internal payments of Japan limited: transactions must be completed on weekdays from 8:30 to 15:30. Now clients of the consortium will be able to make payments any day of the week and at any time, but it will have to pay.

“We are proud to can use the Blockchain technology from Ripple in our new mobile app MoneyTap to improve the payments infrastructure in Japan”, said Takashi Okita, CEO of SBI Ripple Asia.

Previously, we reported that Ripple will be used in the banking system of South Korea in 2019.

Author: Andrew, an analyst Freedman Club Crypto News