SBI launches MoneyTap Affiliated store settlement service

SBI to conduct QR code affiliated store settlement

SBI Ripple Asia, a subsidiary of SBI Holdings Inc. which operates in Asia with head office in Japan, today declared in a press release that it is launching a MoneyTap affiliated store settlement service.

The initiative, according to SBI Ripple Asia, will be a demonstration test of the Ripple-centric technology and registration of its Electronic payment agency business. This will make way for the establishment of a payment system with MoneyTap in real stores.

SBI is implementing the demonstration experiment by conducting QR code affiliated store settlement at a restaurant in Roppongi 1-chome Izumi Garden Tower.

SBI group will also be at the test location, to observe the situation of things. Through the experiment, the group will be able to obtain various customer experiences (UX), and afterward connect them to a full service within a year.

MoneyTap finalized all necessary registrations as an electronic payment agent on May 28, 2019, and it is now waiting for the transfer of main member store payment provision as well as operations of the MoneyTap application.

Read: Ripple XRP News: SBI to Use XRP with Crypto Fund Business in the U.S.

MoneyTap, a payment application designed by SBI group in partnership with Ripple, kick started operation in October 2018, and it uses RID’s Diversified Ledger Technology (DLT) xCurrent as an underlying technology in remitting funds between individuals from a bank account to another.

MoneyTap boasts of 24 hours a day full time efficiency in delivering real time, safe and comfortable services.

Aside executing transaction through bank account, MoneyTap uses mobile phone number or QR code to determine the destination of a transaction.

SBI believes that once it introduces the mobile phone number or QR code remittance function to store settlement and dedicated terminals, its merchant settlement service fortified with convenience and security would be achieved.

Since SBI partnered Ripple in 2017 to launch remittance service using XRP, the former has been working eminently to promote Ripple and its technology.

In March 2019, SBI announced that it received investments from 13 regional banks to boost the operation of the payment application.

SBI Group reiterated its dedication toward developing the society by slashing social costs as well as encouraging local banks and other financial institutions to participate in the management as a shareholder of MoneyTap.

By establishing a new local industry via ‘cashlessization’ scheme, the group added that it will continue to expand the MoneyTap sales.

The Ripple-centric payment app offers a cost-free remittance service, but the consortium behind the innovation is diversifying to make the idea a business model.