SBI to Introduce In-Store Payments Using Money Tap App

A subsidiary of Japanese financial mogul SBI Holdings, SBI Ripple Asia, has started a “demonstration test” of in-store payments utilizing its Money Tap app before it officially launches.

The demo test will witness the money transfer app utilized for live payments at affiliated businesses and starts off at a restaurant at SBI Group’s headquarters in Roppongi, Tokyo. The app uses Ripple’s xCurrent payments product.

The company announced on May 30 that the initiative intends to gauge customer experiences with the app before a full launch.

SBI stated that utilizing the app for in-store payments will provide a “merchant settlement service that combines convenience and security.”

Money Tap, which offers “immediate” transfers for customers with accounts at affiliated banks, was initially revealed in March 2018 and introduced in October.

Now downloadable on Android and iOS devices, the product enables funds to be sent using QR code or recipients’ mobile numbers and employs devices biometric log-in features, like fingerprint scanning, for security.

Earlier this year, SBI added 13 regional banks as co-founders of Money Tap Co., Ltd. The app also operates as a registered electronic payment agent in Japan. Resona, one three Japanese banks collaborating with SBI and Ripple on the app, backed out of the initiative in April but did not disclose its reason.

Ripple added Yoshitaka Kitao, CEO, president, and representative director of SBI Holdings, to its board in May.