A senior figure within a major Japanese bank has openly declared Ripple’s Money Tap to be the “big step” towards a “cashless society”.
Making the comments this morning at Singapore’s Money 20/20 Asia, Takashi Nakagawa, said he was “confident” that Money Tap “will be the big step toward realising a cashless society and instant payments in Japan”.
"The smartphone application #MoneyTap allows people to send money faster, safer and easier. I am very confident this will be the big step toward realizing a cashless society and instant payments in Japan."
— Ripple (@Ripple) March 13, 2018
A smartphone application, Money Tap is a payment processor which according to a blog post published on the Ripple website last week, will enable customers to settle transactions at any time. Customers will need an account number, phone number or QR code to use the app.
Money Tap is expected to undergo initial tests at the beginning of April and there are plans for a mass rollout throughout Japan towards the end of the year. It is not expected to have a major impact on the price of Ripple’s XRP token at this time.
Last week, the Japanese Bank Consortium announced they would use Ripple technology in their financial services. The Consortium, which is made up of 61 banks, accounts for 80% of all banking assets in Japan.
Aside from Nakagawa’s SBI, the two other banks that are set to be the early adopters of Money Tap include Suruga Bank and Resona Bank. As of January this year, SBI Holdings has a paid-in capital amounting to $762m.
Compared to other cryptocurrencies with plans to replace banks, Ripple has made a point of working with financial institutions and regulators. In mid-February, the company signed an agreement with the Saudi Arabian Monetary Authority (SAMA) for the central bank to use Ripple technology to settle cross-border transactions.
Ripple’s CEO, Brad Garlinghouse, claimed Ripple was signing up more than one client a week, including big-name banks and payment providers such as Western Union, Standard Chartered and Moneygram. He also told Bloomberg Singapore yesterday that the Swedish bank, SEB, had completed more than a $1bn in payments in the last quarter.
Speaking in Singapore last week, Garlinghouse said: “Unlike some in the crypto world, we have not taken an anti-government, anti-bank, or anti-currency position…the best way to revolutionise how this works is from inside the system, working with governments, working with regulators”
Coming from the file-sharing site, Hightail, in 2o14, Garlinghouse was formerly the President of Consumer Applications at AOL as well as a Senior Vice-President at Yahoo! where he was responsible for managing the homepage, Flickr as well as Yahoo! Mail and Messenger.
Photo Credit: By HLundgaard (Own work) [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
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