SBI plans to launch Ripple-backed in-store payment app

SBI Ripple Asia, a subsidiary of Japanese financial giant SBI Holdings, will use its Money Tap app for in-store payment “Demo testing” before planning to fully launch in-store payment for new services.

The money transfer app, which uses Ripple’s xCurrent payment technology for real-time payments from connected merchants, will be first launched at a restaurant at SBI group’s headquarters in roppongi, Tokyo.

SBI said in Thursday that the aim of the initiative was to assess users ‘ experiences of the app before it was publicly released “during the year.”

SBI said using the app for in-store payments would bring “a merchant settlement service that combines convenience and security”.

Money Tap, which was first announced in March and launched in October, offers “instant” Money transfers to people with accounts at affiliated Banks.

The product is now available to both iOS and Android devices, which only allows money to be sent through the recipient’s phone number or QR code, and uses biometric login for devices such as fingerprint scans to ensure security.

In March 2019, SBI added 13 regional banks as co-founders of Money Tap Ltd. The app is also registered as an electronic payment agent in Japan. Resona, one of three Japanese Banks working with SBI and Ripple on the app, pulled out of the project in April for unspecified reasons.