MoneyTap is a blockchain remittance app created by Ripple and SBI Holdings in 2018 and runs on the XRP ledger. On Wednesday (October 30), SBI announced that this mobile payment app system is collaborating with PayPay system. The new project will utilize the XRP ledger and not the Credit and Finance Information Switching System (CAFIS) infrastructure.
Ripple Extends Use Of XRPL In Japan
PayPay has 15 million users in Japan, over 1 million stores and merchants, and has settled more than 170 million transactions. MoneyTap currently uses Ripple’s Distributed Ledger Technology, xCurrent, which offers seamless and low-cost solutions.
The announcement reads in part:
“In this business alliance, when a user charges PayPay balance from a bank account, it does not go through the existing infrastructure such as CAFIS (* 1) through MoneyTap infrastructure provided by MoneyTap. You can charge directly from your bank account. This will reduce the burden of connection with individual financial institutions at PayPay, and will enable connection with operators at a lower cost than existing infrastructure at financial institutions.”
Moreover, Financial Tap and API-connected financial institutions will collaborate in building charge-type services for other payment providers in addition to the inter-individual remittance service that is already running. Additionally, an over-the-counter payment service is set to be deployed this year.
In the future, MoneyTap will collaborate with more operators and also explore the possibility of launching new services.
Notably, Ripple and XRP are not strangers to the Japanese market. LINE, a Japanese chat app with over 81 million users launched BITMAX crypto exchange last month. This exchange supports a couple of top cryptocurrencies including bitcoin, Bitcoin Cash, ethereum as well as Ripple’s XRP. In short, 81 million people in Japan have direct access to purchase XRP through the LINE Wallet tab.
Huge Partnerships, Yet Controversies Linger In The Ripple Community
Earlier this month, Ripple partnered with Finastra, one of the world’s largest fintech companies. Through this partnership, Ripple’s over 200 banking partners will be able to access Finastra’s banking partnerships while Finastra’s users access RippleNet for fast and efficient cross-border payments.
Nonetheless, controversies persist. Apart from XRP being a laggard in terms of price this year, Ripple has constantly been faced with the question as to whether XRP is a security or not. Ripple CEO Brad Garlinghouse recently addressed this issue, again.
In a podcast interview with Fintech Beat, Garlinghouse stated that many crypto leaders waste a lot of time badmouthing other projects instead of supporting each other and this is damaging the crypto industry. According to Garlinghouse, Ripple’s main focus is the satisfaction of its customers and the development of new products.
Addressing the question of XRP’s security status, Garlinghouse said XRP is not a security. He noted:
“I understand the SEC has a hard job. I also think, you know, when you’re a hammer, everything’s like a nail. And I think when you’re in the SEC, sometimes everything might look like a security.”