Ripple, the blockchain-based payment network, suffered a setback after Japan’s Resona Bank said it would no longer use MoneyTap, a consumer-centric retail payments app that uses Ripple’s enterprise blockchain technology.
Resona – Japan’s fifth-largest financial institution – did not provide a reason for the abrupt cancellation, which makes it the first Japanese bank to quit the MoneyTap project. It’s unclear if others will follow.
MoneyTap is the product of SBI Ripple Asia, a banking alliance that launched in November 2016. The group’s goal was to leverage Ripple’s blockchain technology for domestic bank transfers in Japan.
MoneyTap enables real-time domestic money transfers between bank accounts 24 hours a day, 365 days a year. Payments can be triggered with the use of a simple QR code or the recipient’s phone number through the application, which is available on both iOS and Android platforms.