Moneytap uses Ripple’s blockchain technology and its product xCurrent to facilitate transfers. The official statement read, “In this business alliance when a user charges Paypay balance from a bank account, it does not go through the existing infrastructure such as Credit and Finance Information Switching System(CAFIS) through MoneyTap infrastructure provided by MoneyTap.”
Payapay is a joint venture of SoftBank Corp. and Yahoo Japan Corp. Last year Paypay introduced payment services for smartphone users. According to the official announcement, Paypay currently has 15 million users, and so far, it has settled more than 170 million transactions.
The announcement further noted that financial Tap and API-connected financial institutions will develop charge-type services for other payment providers in addition to the individual remittance service that is already in place. MoneyTap announced to expand multiple operators and launch new services after careful evaluation of projects in the coming days.