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Japan gives Ripple and SBI the green light to launch new payment app

Money Tap looks like it will set sail soon

moneytap, japan, ripple, sbi ripple asia, payments, app new

SBI Ripple XRP Asia (a collaboration between Japanese tech giant SBI and popular blockchain tech developer Ripple) is getting closer to rolling out its mobile payment app, Money Tap.

SBI Holdings announced today that it has received certification from Japan’s Ministry of Finance to process electronic payments.

This approval from the ministry means that SBI Ripple Asia can go ahead and launch Money Tap.

While Money Tap doesn’t appear to process cryptocurrency-based payments, it does utilize Ripple’s distributed ledger technology (DLT) to manage payments between banks.

From June this year, the Japanese government requires businesses, seeking to handle electronic payments, be registered with local finance bureaus.

Japan made it a legal requirement that businesses wanting to handle electronic payments, to be registered with local finance bureaus.

As a result, SBI Ripple Asia had to follow the same rules and register Money Tap as a payment service.

Earlier this month, the payment app was teased to the public. SBI Ripple Asia has not given an exact release date for the app, but it can be expected this Fall.

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Published September 26, 2018 — 11:36 UTC