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Ripple revealed its intentions to invest in Money Tap back in October 2020, roughly one year after the introduction of the network as part of the collaborative initiative of the SBI-Ripple Alliance.
The consumer-focused blockchain app uses Ripple’s blockchain technology to make instant purchases simpler. The platform is designed to offer more effective purchases, with reduced prices being a key highlight.
In the past, SBI’s holdings have also illustrated the immediate need for measures such as Money Tap by arguing that ‘high interbank fees in Japan have not been corrected for more than 40 years.’ By taking advantage of this ‘fresh financial infrastructure,’ SBI claimed that the cost of Money Tap is supposed to be strong enough to minimize transfer fees to the point where it reintroduces foreign competition.
Ripple’s funding is intended to support additional roles such as small sum collection systems, business transfers, regional currency payments, international remittances and supply chain financing.
Money Tap has also been incorporated with three banks in the island country, including Ogaki Kyoritsu Bank, within the last month. In fact, another three are scheduled to be added by the end of February. Interestingly, according to a release from SBI Holdings, by the end of the year, the number of banks linked to Money Tap is estimated to be at least 20.
Finally, the company has announced its intentions to improve its identity assurance and personal authentication/authorization features with eKYC and biometric digital identity no later than Spring.