Ripple-Powered App to Be Used for In-Store Payments in Japan. It Won't Affect XRP Price

  • Alex Dovbnya
    📰 News

    Ripple is making headway with merchant adoption in Japan, but what about XRP?    


Ripple-Powered App to Be Used for In-Store Payments in Japan. It Won't Affect XRP Price
Contents

SBI Ripple Asia has recently announced the launch of a new in-store settlement service that will be powered by its Money Tap app. The public launch of this app is expected to take place later this year.

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Payments, simplified

So far, the new product is in the stage of demonstrative testing. A trial demonstration, the point of which is to determine how the first batch of customers perceive this newfangled payment feature, will take place at a restaurant that is located at SBI's Roppongi Izumi Garden Tower headquarters.
   
MoneyTap is a smartphone application app that is powered by Ripple’s xCurrent, which allows banks to instantly settle cross-border payments. The first banks went live on the app back in October 2018.

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Dealing with a snub  

As reported by U.Today, MoneyTap recently faced a major setback after Resona Bank, one of the early adopters, ditched the app without specifying what prompted them to end their partnership with Ripple.

Still, the app has the support of the major Japanese banks, which means that Ripple is eyeing to dominate the micropayment niche in that region.

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No XRP (for now)   

It is worth noting that xCurrent is Ripple’s previous-generation product that doesn’t actually use XRP. However, previously SBI floated a possibility of eventually adding XRP to its MoneyTap app.

Cover image via unsplash.com
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  


Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  
Contents

Social media juggernaut Facebook is about to launch its Libra cryptocurrency, which, as expected, is currently on everyone’s lips.

According to a recent CNBC report, financial analysts appear to be on the same page when it comes to bullish Facebook predictions.   

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The talk of the town

There is a schism in the cryptocurrency community concerning Facebook’s foray into crypto. While some think that Facebook undermines Satoshi Nakamoto’s vision of a decentralized cryptocurrency, prominent influencers, including Mike Novogratz and Anthony Pompliano, look at the bright side.

On the flip side, major Wall Street players seem to agree that Facebook’s stock will see plenty of love once the company unveils its much-talked-about crypto project.

SunTrust, MoffettNathanson, Bank of America stick with a “buy” rating on Facebook.

MoffettNathanson goes as far as claiming that the Mark Zuckerberg-led company aims to become the biggest e-commerce platform on the planet.

We believe a Facebook cryptocurrency-based payments system could be especially useful in countries with high inflation/unstable banking systems and for cross-country remittances. So, Facebook’s commerce ambitions do not appear to be limited to developed markets. Rather, Facebook has its eyes set on becoming the world’s leading ecommerce platform as well.”

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Not the right company?  

As reported by U.Today, Facebook joined forces with VISA, Paypal, and a slew of other startups that became part of the Libra consortium for a whopping $10 mln fee.

The company itself remains radio silent about its crypto ambitions, but there have been countless reports on that topic since December.

We are about to see a fiat-pegged stablecoin that will be integrated into Facebook, Instagram, and WhatsApp.

After being plagued with huge data scandals, Facebook will probably have a hard time convincing regulators to green-light its new cryptocurrency. Hence, it might be a promising idea, but not the right company to pull it off.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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