The giant payment giant unveils a plan to reach 15 million people and 1,5 million merchants

Japanese financial giant SBI has announced that it will provide the Ripple MoneyTap payment application to millions of users in partnership with PayPay, a mobile payment company.

MoneyTap is running in early October. The Bangalore-based startup is a subsidiary of banking giant and partner Ripple SBI Holdings. According to ad , the partnership will be based on a money transfer application using Ripple blockchain technology to provide the next generation financial infrastructure.

SBI:

« In this business alliance, when a user deducts a PayPay balance from a bank account, he does not go through an existing infrastructure, such as CAFIS, through the MoneyTap infrastructure provided by MoneyTap.

Here you can write off funds directly from your bank account. This will reduce the burden of communication with individual financial institutions in PayPay and will allow you to establish communication with operators at a lower price than the existing infrastructure in financial institutions. ”

Paypay was launched in last year, when the Indian mobile payment giant Paytm established a joint venture with Yahoo Japan and SoftBank.

PayPay is reportedly used by over 15 million customers in Japan and supported by over 1,5 million local merchants and stores. More than 170 million transactions have also been completed in the country, according to SBI Holdings.

The MoneyTap application uses QR codes or phone numbers to send and receive payments, and is currently available for both iOS and Android.

Although SBI says it is working to attract more than 60 Japanese banks, the app is currently open to members of two domestic financial institutions: SBI Sumishin Net Bank and Suruga Bank.

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