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Money Tap Partners with PayPay, Exposing RippleNet-Based Payments to Millions of New Users

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Wed, 10/30/2019 - 08:59
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  • Japanese payment app Money Tap teams up with PayPay, offering RippleNet-based payments to 10 mln users and 1 mln merchants in Japan

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On October 30, an official note from the SBI Group in Japan announced that the Money Tap payment app set up by SBI and Ripple and included into RippleNet is to start a partnership with the PayPay system.

The new venture is going to run on RippleNet instead of the CAFIS infrastructure.

Millions of Japanese customers and merchants to be using RippleNet payments

PayPay boasts a user-base of ten million people in Japan, as well as about 1 million merchants and local stores.

Money Tap uses Ripple’s xCurrent system, which is much faster and cheaper than CAFIS or SWIFT. Now, PayPay is also going to run on it.

Thanks to the feature of conducting payments via a QR code, PayPay allows its customers to make purchases in both online and offline stores in Japan. It was created when the largest Indian payment company Paytm entered the Japanese market and launched PayPay with investments from SoftBank and Yahoo Japan.

At the moment, cryptocurrency is banned from use (including trading on exchanges) in India. However, if the ban is lifted in the future, it is possible that through Paytm Ripple-based payments will also be exposed to the Indian market.

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XRP and Ripple are getting popular in Japan

Previously, U.Today reported that Ripple’s XRP currency, third largest by market cap, became exposed to over 81 mln users of the popular Japanese LINE chat app and the new BITMAX exchange.

Any LINE user can access the BITMAX trading service via the LINE Wallet tab. The dev team planned to make BITMAX user-friendly to the maximum degree, so that even those who have zero experience with crypto or crypto trading can work with it.

Apart from XRP, BITMAX supports Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).

 

What are your thoughts on the new expansion of Ripple in Japan? Feel free to share them in the comment section below!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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  • Bitcoin (BTC) holders should deal with the inevitable – it will be a very long time before the next all-time high. Are you willing to wait six years for the Moon?

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Seasoned cryptocurrencies trader and analyst Michael van de Poppe posted his long-term prediction for the price of an orange coin.

Price Cycles are Getting Longer

Mr. van de Poppe noticed that the flagship cryptocurrency, Bitcoin (BTC), is going through its third price cycle. According to him, every cycle is taking much longer than previous one.

For instance, the first cycle in 2012-2014 lasted for 910 days, while the next cycle was 55% longer that previous cycle. That being said, the ongoing cycle may end in 2025-2026.

Mr. van de Poppe also noticed that weekly moving average lines acted as a strong support for the bottoms of price levels within every cycle. The first bearish rally failed to break below the 100-Week Moving Average (MA), while the second had nothing to do with 200-Week MA. Thus, for this cycle, the line for the 300-week MA would be a tough nut to crack for bears.

Patience is a Virtue

Mr. van de Poppe has already wisely counselled to lower our expectations for the price of Bitcoin (BTC) since we may be very far from the new 'parabolas'. Even before Black Thursday of Crypto occurred, he had warned that the 2023-2024 period looked 'more natural' for a peak in the new orange coin market cycle than 2021.

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It appears that his prediction is in line with another detailed prediction by crypto analyst Charles Edwards of Capriole Investments. Mr. Edwards studied the energy consumption of the Bitcoin (BTC) network and derived his 'energy value theory', predicting that Bitcoin (BTC) will reach the $100,000 mark in 5 years. This will occur if the crypto manages avoid the risks of governmental restrictions and quantum computers attack.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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