New Money Transfer App to Come Out of Japan

Apps and Software

Japan's SBI Holdings will release a new money transferring app. / Photo by: Monito - Money Transfer Comparison via Flickr

 

The age of cryptocurrency and online tokens on the market are the upcoming trend with regards to finance all over the world. One of the few countries that are quite welcoming to this new type of technology is none other than Japan. An article published by The Next Web reported that financial giant SBI Holdings is currently delving deep in the business of blockchain technology and cryptocurrency. They just recently announced that they will be launching a new mobile payment app for both the App Store and Play Store that will use Ripple’s distributed ledger technology.

From the only few sources that we can find, the app is set to come about in a few months and is dubbed ‘Money Tap’. This app is the combined work of both SBI Holdings as well as SBI Ripple Asia, in which both these companies were created a few years back to be able to take on more blockchain related issues and to be able to provide more fintech solutions to these.

All of this information was just announced directly from the CEO of SBI Ripple Asia, Takashi Okita, who used Twitter as a platform to share the information.

When translated, the Money Tap app would be able to handle streamlined bank transfers without extra costs inquired as well as similar banking features. However, little is still known about this app than what it shows on the website.

Due to the nature of the business of SBI Ripple Asia, there are predictions that the app would be using a form of blockchain technology by Ripple.

As far as we are concerned, this is just one of the steps taken by banks and other large corporations to find methods for the rise of blockchain and cryptocurrency. Japan will definitely be seeing much more of these mobile payment and blockchain apps and software technology in the near future.