SBI Holdings Inc., a Japan-based company that is solely focusing on improving the payment infrastructure in Japan, recently announced the establishment of a subsidiary, Money Tap Ltd., to increase promotion of the MoneyTap application.
The subsidiary was set up on March 19, 2019, in Tokyo, and Katsumi Kawashima will be the president and representative director of the subsidiary. The establishment was granted ¥100 million as capital during the time of establishment, which would be increased in the future.
The blog on SBI Group’s website stated:
“The newly established Money Tap will evolve its domestic and foreign exchange consolidation consortium developmentally and take over its role, as well as for banks and general users to drive the rapidly expanding cashless flow. Plan to provide service more quickly.”
In addition, the blog stated that SBI Group started offering MoneyTap application for smartphones, which is based on distributed ledger technology and allows real-time transfer of money to users and banks.
It is powered by DLT to allow a quick, safe, and comfortable money transfer in a country where transactions can only occur on weekdays between 8:30 am and 3:30 pm., with heavy delay otherwise. The app promises 24/7 payments, thus offering customers of the Japan Banking Consortium, which holds over 80% of all the banking assets in the country, a way to transfer value with ease.
The launch of MoneyTap is aimed to reduce the drastic wait times by eliminating archaic transfer methods. MoneyTap allows users to make transfers to bank accounts, phone numbers, or QR codes linked to the accounts.
The blog stated:
“Money Tap will further accelerate innovation by further promoting the introduction of new technologies, etc. with the full cooperation of Ripple in the United States, and in addition to participating in the foreign exchange consolidation consortium, other financial institutions.”
@bechokoy_betts, a Twitter user, commented:
“Money tap going to be the next venmo… Instead of venmo me itll be send me a tap or tap it to me.”
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