SBI Ripple Asia Co., Ltd has announced the launch of a desmostration test of paying real stores using Ripple through their App “Money Tap” and expect to roll out the program within a year.
The Tokyo based company announced this development in a publication on May 30, 2019 stating : “We are pleased to announce that we have launched a demonstration test of “Money Tap affiliated store settlement service” where payments can be made in real stores using (Money Tap). “
With this development, physical store payment will be done through the App using Ripple. Money Tap was created in October 2018 and uses “xCurrent”, which is RID’s Diversified Ledger Technology (DLT), as its base technology, and transfers money between individuals from a bank account to a bank account 24/7. Now the company said it will be scaling that to real store payment.
The publication stated: “In the demonstration experiment, QR code affiliated store settlement will be conducted at a restaurant in Roppongi 1-chome Izumi Garden Tower, where the SBI Group will be located, targeting a part of the users. Through this trial, we plan to verify various customer experiences (UX) and connect them to a full service within the year. “
They further stated about the recognition of the service: “Money Tap has completed registration as an electronic payment agent on May 28, 2019, and all operations of the Money Tap application and the provision of the main member store payment service will be transferred to Money Tap in the future “
SBI said they will continue to get banks and financial institutions to participated in the management as a shareholder of the App.
By this development SBI aim to expand the service to create a cashless local industry which will contribute to the development of the society and reduction of social cost.
SBI Ripple Asia Co., Ltd. has its Head office in Minato-ku, Tokyo. The company’s President & CEO is Takashi Okita. The company is a subsidiary of SBI Holdings, Inc. and operates an electronic payment agency business.