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Ripple: the power behind Japanese banking

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Ripple

The power behind Japanese banks

This month, not one but three Japanese banks will launch a domestic payments system based on blockchain technology thanks to RippleNet.

SBI Net Sumishin BankSuruga Bank, and Resona Bank have each revealed their intention to launch MoneyTap, which will allow mobile banking customers to make real-time money transfers at zero cost.

CryptoGlobe reported that the joint venture with Revolut – which secured approval for its licence from the Ministry of Finance and the Japan Banking Consortium, will likely be implemented by the remaining 61 members once th test period with Sumishin Bank is completed.

This banking collaboration could be an important step in helping Japan to achieve its goal of reducing dependency on cash, which still accounts for 80% of transactions in the country.