SBI Group has announced that the MoneyTap payment app has entered into a partnership with PayPay. The PayPay system is said to be used by 10 million Japanese people and about 1 million entrepreneurs would accept payments through the system. SBI Group, which includes Money Tap, announced the news on October 30 in an announcement.
MoneyTap was developed by SBI Group and is built on top of the XRP Ledger. The app uses the xCurrent product from Ripple, which is many times faster than, for example, the SWIFT network. This makes use of the cryptocurrency of the XRP Ledger, called XRP, for transfers. Users can make direct payments by simply scanning a QR code after which the payment can be sent between the 61 banks that support the app.
PayPay is entering into a partnership with Money Tap, as a result of which PayPay will now also use the XRP Ledger. PayPay is used by around 10 million users and 1 million entrepreneurs in Japan. PayPay, however, was developed by Paytm, a company from India.
Cryptocurrencies are prohibited in India, so Paytm decided to enter the Japanese market. Should India lift the ban, there is a chance that Paytm will also enter the Indian market with its PayPay system.
Cryptocurrencies seem to be growing in popularity in Japan. The messaging giant LINE recently received a permit from the Japanese Financial Service Agency (FSA). With that license, it can manage a cryptocurrency exchange. LINE is planning to set up a token economy that could potentially expose its 81 million users to cryptocurrency.