SBI Ripple Asia announces MoneyTap powered in-store payments trial

A public launch is scheduled “within the year"

SBI Ripple Asia, a subsidiary of Japanese financial giant SBI Holdings, is testing out in-store payments using its MoneyTap app.

The money transfer app will be used for live payments at affiliated merchants, kicking off at a restaurant at SBI Group’s headquarters in Roppongi, Tokyo. A public launch is scheduled “within the year,” a press release notes.

Available for both iOS and Android devices, MoneyTap allows funds to be sent using recipients’ telephone numbers or a QR code, and taps biometrics for security. It launched last year and bypasses domestic payment rails to allow settlement of payment flows over the RippleNet blockchain network using the latter’s xCurrent product.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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