SBI holdings- an entity that solidly backs ripple- just announced a new app known as moneyTap. This app will be focusing on cashless payments for small transfers.
The SBI group is sometimes referred to as strategic business innovator group, and is a financial services company group based in Tokyo, Japan; and is engaged in the provision of comprehensive financial services.
It has now been revealed that 13 major banks are set to work with moneyTap. This is great news since it means more banks are now clicked into the Ripple ecosystem, and perhaps now puts SBI CEO Yoshitaka Kitao’s vision of having banks use XRP by 2025, firmly on the road.
The 13 banks that are now aboard the ripple ecosystem through SBI’s moneyTap are;
Shiga, Shimizu, Shinsei, Suminobu SBI Net, Suruga, Seven, Hiroshima, Fukui, Atago, Kiraboshi, Keiyo, San-in Joint, and Hokuriku.
All this banks will now be using SBI’s moneyTap app whose purpose was made clear by a note that was released by the company last week. The note read;
“‘Money Tap’ is a safe, real-time and comfortable app that allows users to transfer money between individuals directly and can deposit money directly from a bank to a bank account 24 hours a day, 365 days a year. In addition to the bank account number, we also have a remittance function that uses a mobile phone number or QR code (* 2, 3) to specify the remittance destination, and by combining this with biometric authentication such as fingerprints, the user experience (UX ) and security”
Of note is the inclusion of seven bank, a bank owned by Seven & I holdings, which is a major distribution company. Seven bank is the largest convenience ATM provider with over 25,000 ATMs spread across the United states and Indonesia. SBI and its CEO Kitao are extremely bullish on the growth of the use of XRP in the country; with SBI making several significant investments in the space. This includes a $15 million in Swiss crypto card maker, Tangem.
Japan is increasingly become a leader in the push for mainstream crypto adoption. This is evident if you follow Japan’s success in crypto merchant adoption, with the case of the country’s largest electronics retailer Bit camera accepting Bitcoin payments. Japanese financial watchdog, The FSA, also famously just granted the largest e-commerce shop in the country-Rakuten- a license to set up a new crypto exchange.
There is also talk of crypto integration in the country’s major transportation system, where it is said that Japan railways are considering incorporating crypto into their card payment system. If the pace, in which financial institutions are taking to crypto continues, then ripple will indeed be the best performing crypto in 2019, just like the Japanese survey we posted earlier in the month suggested.
Image courtesy of Coingape