Several years ago, Ripple – with the help of SBI – unveiled its Money Tap solution. This mobile application is available on Android and iOS. Two years alter, it is still going strong, thanks to its core business model.
Money Tap is a Solid Solution
It is a well-known fact that Ripple has established a strong presence across Asia in recent years. This is evident when looking at projects such as SBI Ripple Asia. Forging a mutually beneficial partnership between SBI in Japan and Ripple in the US has proven to be a major milestone. Together, both entities have launched Money Tap in 2018, a powerful application to facilitate payments.
To be more specific, the Money Tap application is designed to address cross-border and domestic payments. The domestic angle focuses on Japan specifically, as that is SBI’s home market. For cross-border transactions, there are many different options to explore. Remittances remain incredibly expensive to use, and still take far too long to reach their destination.
Another aspect to keep in mind is how Japan has limited bank hours to complete money transfers. A bit unusual, although this is not entirely uncommon either. In a lot of Western countries, transfers can only be guaranteed to clear within specific time slots. Otherwise, they will automatically be delayed until the next business day, if not longer. It is a system that simply doesn’t work in this modern age.
To solve these issues, Money Tap was introduced in 2018. It had support from Shunshin SBI Net Bank, Suruga Bank, and Resona Bank at first. All of these financial institutions confirmed not to charge any fees during the initial stage. However, they still have the freedom to adjust that aspect if necessary.
Ripple Contributes More Resources
About a week ago, Ripple confirmed a new investment in Money Tap. The smartphone application is still going strong in Japan. Crucial features include making payments via a phone number of QR code. By bypassing domestic payment rails and tapping into RippleNet, transfers can be completed around the clock. A major step up from the alternative system, to say the very least.
Through this new investment, Money Tap will reinforce its collaboration with Ripple. New functions and services have been touted, without going into too many details. One area to explore is corporate payment functionality, which can make a big impact in Japan as well. Overseas remittances will also be enhanced further, which is a crucial aspect of services like this one.
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