TOKYO — Japan's financial industry is embracing innovation by looking to blockchain technology to facilitate its payments platform.
CNBC reports that the Japan Bank Consortium, comprised of 61 member banks, is set to release MoneyTap, a Ripple-powered smartphone app that will allow customers to settle transactions in real time.
The country's current system for cash transfers is limited. Transactions can only be processed on weekdays, from 8:30 a.m. to 3:30 p.m., and comes with high fees.
With MoneyTap, customers can make payments and transfers using only a bank account, phone number, or QR code.
Transactions go through the cloud-based Ripple Connect platform. Processing is instant and available 24 hours a day, seven days a week, for a fraction of the normal cost.
The app will go live in the later half of 2018, starting with three major banks, followed by a staggered rollout of the rest of the consortium.