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SBI Ripple Asia all set to launch xCurrent-powered MoneyTap mobile app

Anirudh VK



SBI Ripple Asia all set to launch xCurrent-powered MoneyTap mobile app
Source: Unsplash

SBI Ripple Asia, a financial services company operating in Japan, recently announced that they will be launching their MoneyTap mobile application soon. The app is powered by Ripple’s technology and is said to let users make payments instantly at any hour of the week.

Reportedly, three members of the Japan banking consortium will be the first to go live on the app, which is slated for launch in autumn of this year. The news of the app comes after the CEO of SBI Ripple Asia, Takashi Okita, tweeted out a link of the new website for the app. He stated [trans.]:

“Quietly, the teaser site of Moneytap was released. How about the image of the logo and the screen?”

This was followed by the link to the Moneytap website, which stated that there was “No charge required” for the application. This implies that the application is free. Moreover, it brands itself as an “easy bank transfer application”, which goes with the description it was given at launch.

After the first 3 banks go live on the app, the rest of the consortium will be rolled out. Notably, the banks to go live on the app are SBI Net Sumishin Bank, Resona Bank and Suruga Bank.

The consortium, which is headed by the SBI Ripple Asia alliance, covers over 80% of all the banking assets in Japan. This, coupled with the fact that Japan’s existing local payment lines are substandard, means that customers are likely to pick up a real-time payments app.

Transactions in Japan can only occur on weekdays between 8:30 and 3:30, with heavy delays otherwise. The app can offer consumers the opportunity to transfer money instantly 24/7, thus marking a sea change over the existing systems.

The app allows payments to be made to bank accounts, phone numbers or a QR code. The app also offers savings on bank fees that are usually levied on ATM and banking fees.

In a statement during the original launch of the product, Okita stated:

“Together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”

SBI Ripple is the second Ripple customer to launch an app that utilizes Ripple’s technology to settle payments. Earlier this year, Banco Santander released an app called OnePay FX that let the bank’s customers settle cross-border payments.

Executive Chairman of Santander, Ana Botín stated on Ripple:

“We are covering 50% of all FX payments that Santander does annually. It works really well because we have been testing it for 2 years. Its safe, its compliant.”

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.


Ripple’s XRP records relatively low 24-hour trading volume even as prices hold above $0.35

Guest Author



Ripple's XRP records low 24-hour trading volume; even as coin trumps in third position
Source: Pixabay

The cryptocurrency market has been exhibiting a bullish trend even as Ripple’s XRP steered its way to major declines last week. The digital coin was hovering below $0.40, with very low price action in 2019. XRP was ranked as the third largest crypto-asset with a market cap of $16.03 billion and a price of $0.38, at press time.

However, XRP’s trading volume of $1.28 billion over the past 24-hours painted a different picture. The coin was trading relatively low in terms of its volume.

Ripple’s partnerships and developments did not seem to have had a significant effect on its native cryptocurrency’s trading volume.

The silver crypto, Litecoin [LTC], which is the fifth largest by market cap, recorded a 24-hour trading volume of $4.27 billion, which is nearly four times that of XRP. EOS, the sixth positioned digital asset, stood at a trading volume of $2.04 billion over the past 24-hours.

If the 24-hour trading volume was taken into account, XRP slipped to the seventh position, followed closely by Tron. TRX was closing in with a 24-hour trading volume $858 million.

According to the CoinMarketCap figures, XRP’s trading volume gained momentum on May 14, 2019, registering a massive $5.83 billion in 24-hour trading volume, priced at $0.32, as compared to $1.97 billion the previous day. However, the digital coin endured huge losses over the month as the volume sank soon after. XRP, however, has maintained its price above $0.35.

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