SBI to Roll Out Ripple DLT-Based Payments App on iOS, Android
SBI Holdings, Japan's largest conglomerate, will soon launch iOS and Android device payment applications powered by Ripple's distributed led technology.
Takashi Okita of SBI Ripple Asia, a joint venture between SBI Holdings and San Francisco-based Ripple, disclosed a web site called MoneyTap on Wednesday.
Although the exact release date is not clear at this stage, the site is planned to be available in the fall of both operating systems, and the application will be available to three Japanese bank customers in Japan.
CoinDesk announced in March that SBI Ripple Asia was supported by the Japan Banking Consortium, which is led by the project, and Ripple, which provides technical support.
SBI Ripple Asia announced that the service will be available to three consortium members of SBI Net Sumishin Bank, Suruga Bank and Resona Bank for the first time. After the official launch, it is expected to expand service to another 61 members of the financial consortium.
This application allows customers to conduct domestic transactions 24 hours a day to avoid time constraints imposed by traditional banking practices by using a phone number or by scanning a QR code.
Sick Ripple Asia is not the first major financial company to introduce consumer-oriented applications enabled by Ripple's distributed led technology.
According to reports, World Bank giant Santander has launched similar services in April for cross-border foreign exchange transactions among bank customers in Spain, England, Brazil and Poland.
Mobile Billing Image via Shutterstock
CoinDesk, a leader in block-chain news, is a media outlet that pursues the highest standards of journalism and adheres to strict editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in cryptocurrencies and block-chain startups.
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