Ripple has invested in Money Tap, the P2P money transfer app operated by a consortium of Japanese financial institutions.
Developed by SBI and Ripple, Money Tap is a smartphone application that enables consumers to make instant domestic payments using a bank account, phone number or QR code.
The service bypasses domestic payment rails to enable payment flows to be processed over the RippleNet blockchain network using the provider’s current product, eliminating the costs associated with existing bank and ATM fees currently charged for domestic money transfers in Japan.
Says SBI, “With this latest investment from Ripple, Money Tap will further strengthen its partnership with Ripple and accelerate the development of new features and new services, including a small-amount collection and corporate payments feature, a common currency, an overseas remittance service, inbound and outbound remittance services and a supply chain finance function. “
The value of the investment was not disclosed.