SBI testing of in-store payments service with Ripple-powered Money Tap App
- SBI Ripple Asia’s will begin testing of its Money Tap app for in-store purchases, ahead of full public launch within a year.
- The app will be powered by Ripple’s xCurrent payments product, used for live payments at affiliated merchants.
Subsidiary of Huge Japanese financial giant SBI Holdings, SBI Ripple Asia, announced the launching of a “demonstration test” for in-store payments using its Money Tap app, ahead of a planned full launch of the new service.
The demo trial is going to see the money transfer app, which leverages Ripple’s xCurrent payments product, used for live payments at affiliated merchants. Testing will be commenced at a restaurant within SBI Group’s headquarters in Roppongi, Tokyo.
In terms of the testing phase, SBI are keen to gauge customer experiences and feedbacks, prior to full launch, which is expected within the year. SBI detailed in a press release that the use of its app for in-store payment should bring about a “merchant settlement service that combines convenience and security.”
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
