Ripple Blockchain will be used in more than 80% of Japanese banks

Back in December of last year it was reported that Japanese banks will create a special consortium of payment card industry using Ripple Blcokchain technology.

Today it was announced that the Japanese banking consortium announced the release in the near future of an application for payment using a smartphone called MoneyTap, it will work on the fundamentals of Ripple Blockchain technology. 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 the preview. This is the first mobile application of its kind, besides, it will support several different banks at once.

Ripple Blockchain in the domestic market of Japan

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

The flexibility of Japan's domestic payments is limited: transactions must be made on weekdays from 8: 30 to 15: 30. Now the clients of the consortium will be able to make payments on any day of the week and at any time, however, they will have to pay extra for this.

"We are proud to use Blockpain technology from Ripple in our new mobile application MoneyTap to improve the payment infrastructure in Japan", – said Takashi Okita, general director of SBI Ripple Asia.

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

Author: Andrey, analyst Freedman Club Crypto News

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