SBI Ripple Asia, a subsidiary of Japanese financial giant SBI Holdings, is testing out blockchain-powered in-store payments using its MoneyTap app.
The money transfer app, which uses Ripple’s xCurrent payments product, will be used for live payments at affiliated merchants, kicking off at a restaurant at SBI Group’s headquarters in Roppongi, Tokyo. A public launch is scheduled within the year, a press release notes.
Available for both iOS and Android devices, MoneyTap allows funds to be sent using recipients’ telephone numbers or a QR code, and utilises biometrics for security. It launched last year and bypasses domestic payment rails to allow settlement of payment flows over the RippleNet blockchain network using the latter's xCurrent product.