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SBI Ripple Asia, a subsidiary of the Japanese financial giant SBI Holdings, has launched a "demo test" of in-store payments with the help of its Money Tap application before the planned full launch of this new service.
The demo will test the money transfer application, which uses Ripple's xCurrent payment product, used for live payments at affiliated merchants, and debuts at a restaurant at the SBI Group Headquarters in Roppongi, Tokyo.
This effort aims to evaluate the customer experience with the application before a public launch "here a year," the firm said Thursday.
SBI stated that the use of the application for in-store payments would result in a "merchant settlement service that combines convenience and security".
Money Tap – supposed to provide "immediate" transfers to users with accounts in affiliated banks – was announced for the first time last March and launched in October.
Now available for iOS and Android devices, the product allows you to send funds using only recipient phone numbers or a QR code, and uses the biometric login features of devices, such as fingerprint scanning, to security reasons.
In March 2019, SBI added 13 regional banks as co-founders of Money Tap Co., Ltd. The application has also been registered as an electronic payment agent in Japan. Resona, one of three Japanese banks working with SBI and Ripple on the application, has withdrawn from the project in April, but has not explained why.
In early May, Ripple added Yoshitaka Kitao, chairman, director and chief executive officer of SBI Holdings to its board of directors.
Money Tap image courtesy of SBI Holdings
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