Japan Launches Domestic Payment Systems Based On Blockchain Mobile App

Japanese banks launch blockchain payment mobile app for real-time money transfer. Japan will this month become the first significant economy to launch a domestic payment system based on blockchain technology.

Japanese banks have slower and costly process. Banks in Japan still lives in the non-internet era which needs to be changed. The clients are charged about $3 to transfer cash to different accounts through the Zengin domestic payment system. Also, the banks just work until 3 pm on weekdays. People regularly need to sit tight a day or more for cash to arrive.

“We would like to change peer-to-peer and interbank payments in Japan, which are very inefficient,” said Takashi Okita, chief executive of SBI Ripple Asia and a former official at Japan’s Financial Services Agency.

Takashi said that FSA is trying to reduce the use of cash as a percentage of the economy. The launch of the blockchain app MoneyTap will help Japan to accomplish its objective of decreasing the utilization of money.

The new platform has been created by SBI Ripple Asia, a joint venture between Japan’s SBI Holdings and US blockchain pro Ripple. It will be propelled by three of the nation’s moderate-sized lenders: SBI Net Sumishin Bank, Suruga Bank, and Resona Bank.

As reported by Financial Times, by the launch of MoneyTap, Japan will become the first big country to launch the blockchain based payment system for transferring cash between various banks.

The MoneyTap application does not utilize Ripple’s XRP cryptographic money. However, Mr. Okita said this would be open in future to any banks that needed to utilize it.

The Korea Times reported that LG Uplus will launch a blockchain-based mobile app for overseas money transfer. It has joined with three global partners in the US, Japan, and Taiwan scheduled to start trial next month. It will enable the customers from one carrier to complete purchase transactions on the payment networks of another carrier. The trial is based on a cross-carrier blockchain platform called CCPS (cross-carrier payment system).

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