OK, by now most everyone knows what Bitcoin is (or not) but let’s introduce RIPPLE to everyone. Readers, meet RIPPLE and RIPPLE meet FintekNews readers. So, RIPPLE is another crypto based on the blockchain technology BUT is much more adaptable to foster payment transactions. To that end, RIPPLE has developed a payments app that will be used by 61 Japanese banks. Asia, particularly Japan and South Korea, are way out in front of the world in using cryptos for actually buying things. In fact, Japan recognizes Bitcoin as legal tender and you can even purchase airline tickets in Japan using Bitcoin. And now here comes RIPPLE to speed up payments. Whoa, I’m pretty sure our regulators have a committee meeting scheduled for sometime (Oct. 2019? lol) to discuss all this. Blockchain and cryptos, changing the world quickly.
(Bill Taylor/Managing Editor)
- “Mobile app will roll out at three of the lenders this year
- Latest effort to use blockchain technology in finance
Ripple, the U.S. digital payments company, is working with 61 Japanese banks on an application that will enable customers to settle cash transfers instantly around the clock, the latest effort to apply blockchain technology in finance.
The mobile app will allow users to send funds to other bank accounts in the country, Ripple said in a statement Wednesday. Beta testing will start next month and three of the lenders — SBI Sumishin Net Bank Ltd., Suruga Bank Ltd. and Resona Bank Ltd. — aim to roll out the service to customers later this year.
Ripple is already working with banks in other countries to overhaul how they handle payments. Blockchain, the digital ledger technology being used for Bitcoin and other cryptocurrencies, has been touted as a potential way to track transactions in a range of industries. In Japan, banks and authorities are keen to embrace financial technology to improve efficiency as high costs and low interest rates put pressure on profitability…”