- The collaboration will enable users to transfer money from banks directly to existing wallets via Moneytap’s infrastructure.
- Moneytap uses Ripple’s xCurrent payment software for this purpose.
Ripple entered the Asian market in 2018 to ensure global expansion and deployment of Ripple’s payment solutions. Moneytap is a joint venture between Ripple and SBI. The company relies on the so-called DLT (Distributed Ledger Technology) to provide these services to financial institutions and remittance providers in Asia.
Moneytap enters into partnership with Paypay
Moneytap relies on Ripple’s xCurrent payment software to deploy cross-border transactions quickly, securely and cost-effectively. Through the partnership, users will be able to deposit Paypay credit directly into their wallets without major detours. The announcement explains this in detail (freely translated):
In this business alliance, when a user tops up Paypay credit from a bank account, he is not going through the existing infrastructure such as Credit and Finance Information Switching System (CAFIS) through the MoneyTap infrastructure provided by MoneyTap.
Paypay is also a joint venture between SoftBank Corp and Yahoo Japan Corporation. Paypay has more than 15 million active users worldwide and currently processes 170 million transactions per year, with an upward trend. Moneytap intends to offer additional individual remittance services to financial institutions through the use of its proprietary API.
However, the proposals will first be examined in detail and the expansion of the company’s range of services will be announced in the next few days.
XRP course shows up unimpressed
Meanwhile, the XRP price is unaffected by this news and has seen a downtrend (-3.81%) in the last 24 hours to a price of 0.2940 USD.
Ripple joined the AIR regulatory initiative two days ago. This alliance works with regulators around the world to promote innovation in the blockchain and fintech sectors. It also aims to establish contact between policy makers and industry and to facilitate the best possible discussion.
In addition, Ripple established a subsidiary in Washington D.C., which will also work closely with government agencies and the government. The aim is to present new technologies of the financial sector in an understandable way and thus to ensure that new legal framework conditions are created which are conducive to the further development of the industry.
The multiple billionaire Mike Novogratz has repeatedly pointed out that China could take the lead in the blockchain sector if the legal bases are not adapted soon. Many companies are already migrating to other countries in the world, Singapore, Malta or Switzerland.
It remains to be seen whether we will see a change in the coming days and weeks.