This Ripple feature is used by three major Japanese banks

MoneyTap app, a smartphone-based service powered by Ripplenet, will start today available for customers of three major Japanese banks. Starting today, customers of Yamaguchi Bank, Momji Bank and Kitakyushu Bank will be able to use the mobile app to send money to other individuals.

Ripple ecosystem adoption

The MoneyTap app, according to the product description, provides a secure, instant, and easy-to-use platform for person-to-person money transfers. In addition to traditional bank account numbers, the app also allows users to transfer money using mobile phone numbers or a QR code.

MoneyTap was brought to life in 2018 by SBI Ripple Asia, a joint venture between Ripple and SBI Holdings. The app was originally aimed at providing international money transfer services for foreign workers in Japan. However, the mission has always been to enter the global money transfer market. MoneyTap is now also available in India.

In 2020, Ripple had acquired a 33% share in MoneyTap and since then it has been allowed to call itself the largest shareholder after SBI.

With the introduction of the mobile app at Yamaguchi Financial Group banks, customers now have access to an advanced platform with the blockchain as the backbone. On the other hand, the application’s user base will expand and the Ripple ecosystem will reach a new level of adoption.

Earlier Ripple news

A few days ago you could also read in the Ripple news that the company behind the XRP token has launched a liquidity solution for companies. To bridge the gap between crypto and fiat, the liquidity hub allows companies to easily source bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), ethereum classic (ETC), litecoin (LTC) and the US dollar from these large pools of liquidity.

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Ripple also managed to shine the spotlight by partnering with the Central Bank of Montenegro (CBCG) to develop a strategy for launching a digital currency in the country, possibly a Central Bank Digital Currency (CBDC) or a stablecoin.

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