Money tap has been integrated by the first challenger bank of Japan – Ripple

Ripple has integrated money tap being the first crypto bank of Japan
  • Ripple has gained the highest position as a shareholder at SBI, in Japan
  • It has invested a huge amount to integrate the Money Tap feature in their Kyash application
  • Ripple claims that the new feature is highly user-centric making the life of its users more comfortable

With 33% shareholdings by making an investment in SBI’s Money Tap Co. Ltd, Ripple Labs has gained the position of being the largest holder of its shares. This news was announced a few days back. The financial giant of Japan’s subsidiary, SBI Holdings has set foot to acquire two executives of Ripple, Eric Van Miltenburg and Emi Yoshikawa. They have planned to expand the basis of Ripple net to over 20 Japanese before the year comes to an end. 

It has been recorded from media reports that SBI and Ripple have very happily welcomed Kyash, their first customer, a fintech company. They have a vision to acquire the position of being the first challenger bank of Japan, to be using the technology of Money Tap since February 4, 2021. The working of Kyash includes a top-up function for accounts with a free real-time connection. It uses an API to facilitate these technologies in this wallet application. 

The working of the Challenger Bank

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The activity of the challenger bank of Japan began in April, 2017. The main focus of this bank was on the transactions between individual customers. The users could top-up their accounts using the Kyash application, they can also transfer and deposit money using it. Kyash Cards had been issued by the company in the year 2020, that made physical payments possible at local stores, just like credit and debit cards.

The new feature of money tapping would facilitate a new infrastructure to the services provided by the application. When a customer decides to transfer money to a financial body, the transaction will be solely done on the instructions given by the customer. Also when these instructions have been received, it is instantly shared with the receiving financial body by the electronic payment agency of Money Tap. 

Other facilities provided by the new features

The users of the application, Kyash can instantly issue a virtual card once they have installed the application. This would allow them to make online transactions at the Visa merchants by linking their existing bank accounts or debit and credit card information using the application.

The users can also make use of ‘Kyash card Lite’ to make payments at brick-and-mortar stores. This feature would allow the users to select Net banking on the Kyash screen in the application, he/she can register and then make their suitable transactions.

The company claims that these features will make the life of its users more comfortable and easy. The convenience of making payments will also become very smooth thereby making the principle of the application very user-centric.

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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