A consortium of 61 Japanese banks, which account for more than 80 percent of the country's banking assets, is creating a retail consumer payment application that uses Ripple's Blockchain technology.
The new smartphone application, called MoneyTap, will enable 61 bank customers to instantly handle domestic transactions using Sanchon-based Ripple's Blockchain technology. According to Ripple's official statement, the banks of the consortium banks will be able to instantly carry out domestic currency transfers for customers 24 hours a day, 7 days a week.
Japan's current national payment platform, Rich, allows bank transfers or ATM payments in addition to the money transfer from 08:30 to 30:30. With the use of Ripple's technology, it will be possible to process faster and cheaper all day.
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