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MoneyTap app, a mobile transfer application connecting over 60 banks in Japan has hinted that it is considering the use of XRP for foreign remittance. MoneyTap is a DLT-based payment app innovated by Ripple and SBI.
In a 9 month financial report by Japanese finance lord SBI Holdings on January 31, the company noted the importance of Ripple’s power in cross-border payment and confirmed that the firm is considering the use of XRP digital asset.
The report highlighted the importance of MoneyTap, a provision that allows connected bank user to comfortably, remotely, and safely remit funds between individuals.
“In order to further improve convenience, contemplating the addition of FX remittance function and the use of XRP at the time of implementation, with an inspection from various angles, including legal maintenance,” the report states.
The application was made through the relentless effort of SBI Ripple Asia which partnered with a consortium of Japanese banks last year.
MoneyTap makes it easy for users to achieve seamless and instant domestic transfers using QR code, phone number or bank account.
It uses RippleNet blockchain network instead of the common domestic payment rails. The app reduces the cost and time of transfer associated with normal banking money transfer through ATM in Japan. MoneyTap offers a free of charge 24/365 inter-bank remittance.
Mercury-fx Ltd Saves Client of $13,232USD on a Transaction
Mercury-fx Ltd, an early adopter of xRapid has hinted that it saved one of its client $13,232USD on a single transaction.
“We just saved our client USD 13,232 on a single transfer. Isn’t it time we started moving your money faster – and cheaper?”
The financial service company has been lauding the instant and cheap nature of xRapid for some time now.
Mid-January, Mercury-fx announced that it processed its largest payment across RippleNet with the help of xRapid.
Mercury-fx said it moved around $4,552.41 from the UK to Mexico. The firm said Mustard Foods, the client involved in the transaction saved usual 31 hours and more than $100 during the transaction.