The financial landscape in Japan is undergoing a transformative shift with the introduction of MoneyTap, a groundbreaking mobile payment application powered by Ripple’s blockchain technology. As a natural evolution of earlier initiatives dating back to late 2017—when Japanese banks first announced plans to form a blockchain-based credit card consortium—this new app marks a significant milestone in domestic digital payments.
MoneyTap is the first smartphone payment solution in Japan developed collaboratively by multiple banks, leveraging the speed, security, and efficiency of blockchain. It promises to revolutionize how individuals and businesses send and receive money within the country, offering instant transactions beyond traditional banking hours.
The Launch Strategy: Phased Rollout Led by Key Financial Institutions
Three major banks—SBI Net Sumishin Bank, Suruga Bank, and Resona Bank—are set to launch the MoneyTap app in autumn 2018. These institutions will serve as early adopters, demonstrating the app’s capabilities to the broader market. Following this initial phase, the rollout will expand gradually across the remaining members of the banking consortium.
This strategic approach ensures a controlled implementation, allowing for user feedback, system optimization, and seamless integration into existing banking infrastructures.
👉 Discover how blockchain is reshaping real-time payments across Asia.
A Powerful Banking Consortium Backing Innovation
The initiative is spearheaded by SBI Ripple Asia, a joint venture between SBI Holdings and Ripple Labs. The consortium itself includes 61 financial institutions, collectively representing over 80% of Japan’s total banking assets. This extensive reach means that once fully deployed, MoneyTap could enable instant payments for the vast majority of the Japanese population.
By uniting so many banks under one shared technological framework, the consortium eliminates siloed systems and creates a unified, interoperable payments network—something rarely achieved at such scale in traditional finance.
Solving Real Problems in Japan’s Payment Ecosystem
Despite Japan’s reputation as a technologically advanced nation, its domestic payment infrastructure has long faced limitations:
- Transfers are typically restricted to weekdays between 8:30 AM and 3:30 PM.
- Transactions initiated outside these windows face processing delays.
- There have been discussions about upgrading legacy systems to support 24/7 operations, but the cost of modernization remains prohibitively high.
Blockchain technology offers a cost-effective alternative. Unlike overhauling decades-old core banking systems, integrating Ripple’s distributed ledger allows banks to bypass outdated rails entirely—delivering faster, cheaper, and more flexible payment options without massive capital investment.
How MoneyTap Works: Simplicity Meets Innovation
MoneyTap streamlines domestic payments through an intuitive mobile interface. Users can transfer funds instantly using just one of three identifiers:
- A linked bank account
- A recipient’s phone number
- A QR code
No need for cumbersome bank codes or branch details. The app leverages Ripple’s enterprise blockchain solutions to settle transactions in real time, ensuring near-instant confirmation and availability of funds.
Additionally, MoneyTap significantly reduces or eliminates fees associated with domestic transfers and ATM usage—costs that have traditionally burdened consumers and small businesses alike.
“We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payments infrastructure in Japan,” said Takashi Okita, CEO of SBI Ripple Asia. “Together with the trust, reliability, and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”
Ripple’s Broader Vision: Beyond Cross-Border Payments
While Ripple is best known for its work in cross-border payments, with over 100 financial institutions already using its xCurrent platform, the launch of MoneyTap highlights a growing focus on domestic payment modernization.
Ripple’s xRapid pilot programs—which utilize XRP as a bridge currency for on-demand liquidity in international transactions—have demonstrated the utility of digital assets in real-world financial systems. Now, with MoneyTap, Ripple proves that blockchain isn’t just for global remittances—it can also power everyday local transactions.
Emi Yoshikawa, Director of Joint Venture Partnerships at Ripple, emphasized this dual-purpose vision:
“The release of the MoneyTap mobile app shows Ripple’s continued commitment to providing its partners across Asia and the world with blockchain-powered solutions that dramatically improve the customer payments journey. We’re proud to provide this production-ready technology that not only improves the international payments experience but also has applications for domestic payments infrastructure.”
👉 Explore how next-generation payment networks are going live today.
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Frequently Asked Questions (FAQ)
Q: What is MoneyTap?
A: MoneyTap is a mobile payment app developed by a consortium of 61 Japanese banks using Ripple’s blockchain technology. It enables users to make instant domestic money transfers via phone number, bank account, or QR code.
Q: Which banks are involved in the MoneyTap project?
A: The project is led by SBI Ripple Asia and includes major institutions like SBI Net Sumishin Bank, Suruga Bank, and Resona Bank. Ultimately, 61 banks across Japan are part of the consortium.
Q: Can anyone use MoneyTap?
A: Initially launched with select banks in autumn 2018, access will expand gradually. Any customer of a participating bank will be able to use the app once their institution joins the network.
Q: Does MoneyTap use XRP?
A: While MoneyTap runs on Ripple’s blockchain infrastructure, it does not currently require XRP for transactions. However, the system is built on Ripple’s enterprise-grade distributed ledger, which supports future integration of digital assets.
Q: Is MoneyTap available nationwide?
A: Not yet. After the initial launch with three banks, the app will roll out progressively across all consortium members, eventually covering over 80% of Japan’s banking assets.
Q: How does MoneyTap reduce costs?
A: By eliminating reliance on legacy banking rails and automating settlements via blockchain, MoneyTap reduces operational overhead—leading to lower or no fees for domestic transfers and ATM usage.
👉 Learn how financial institutions are adopting blockchain for real-time settlements.
Final Thoughts: A Model for Global Payment Modernization
The launch of MoneyTap isn’t just a win for Japan—it’s a blueprint for other nations grappling with outdated financial systems. By combining institutional trust with cutting-edge blockchain innovation, this collaboration demonstrates how public and private sectors can co-create scalable, user-centric financial solutions.
As digital transformation accelerates worldwide, Ripple’s partnership with Japanese banks stands as a powerful example of how technology can make money move smarter, faster, and more affordably—for everyone.