Money Tap is a consumer-focused blockchain money transfer app built by SBI Holdings and Ripple. Money Tap went live in October 2018 and was incorporated into Money Tap Limited in March 2019. A total of 35 Japanese banks and institutions have invested in the company.
Ministry of Internal Affairs and Communications promotes cashless payments
The Japanese Ministry of Internal Affairs and Communications has launched a project aimed at popularizing the unified QR code/bar code (JPQR) for payments. JPQR is a unified standard for QR code payments established by the Cashless Promotion Council.
By combining the settlement QR codes of multiple companies into one QR code, it is possible to deal with the settlement of multiple companies with only one QR code. As Yahoo Japan reported, JPQR supports18 payment services, including Ripple powered MoneyTap.
Small stores will be able to collectively introduce multiple smartphone payments. In the past, it was necessary to individually apply for each smartphone payment. At the same time, one QR code will be able to support multiple smartphone payments.
Up until now, JPQR was supported only in Iwate, Tochigi, Nagano, Wakayama, and Fukuoka prefectures. From June 22, the nationwide expansion of JPQR will begin, and applications from stores nationwide can be submitted.
MoneyTap seems to be the most cost-effective solution, with fees at 1.5% (non-taxable), with OKI Pay and Merpey also at 1.5% but excluding taxes.