Ripple dealt a blow as the first bank in Japan pulls out of XRP-powered Money Tap app by SBI Group

Fibo Quantum

  • Resona Bank has become the first bank to discontinue its collaboration with Money Tap.
  • Money Tap platform is a cashless transfer of funds directly between individuals.

One of Ripple’s significant partners in Japan, SBI Group recently announced that a number of banks have signed to use Ripple-backed Money Tap app. The application was developed to support cashless transfer of money. It uses Ripple’s groundbreaking xRapid payment system.

The latest development regarding Money Tap is that Resona Bank has become the first bank to discontinue its collaboration with Money Tap. The pull out announcement was made in an official statement and said that the cancellation will take effect on May 13, 2019.

“About the cooperation cancellation with the remittance application “Money Tap” Cooperation cancellation date: May 13, 2019 (Monday). Thank you very much for using Resona Bank. Resona Bank will cancel the cooperation with the money transfer application “Money Tap” which started on October 4, 2018 on May 13, 2019. We will continue to improve our service further in the future, so we ask for your understanding.”

Initially, 13 banks singed up to utilize Money Tap which at the time was described as:

“Money Tap’ is a safe, real-time and comfortable app that allows users to transfer money between individuals directly and can deposit money directly from a bank to a bank account 24 hours a day, 365 days a year. In addition to the bank account number, we also have a remittance function that uses a mobile phone number or QR code (* 2, 3) to specify the remittance destination, and by combining this with biometric authentication such as fingerprints, the user experience (UX ) and security.”