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Daily Review: Japan’s Banks Are Taking Control Over the Payments Industry

Following the examples of US with Zelle, Australia with NPP, and India with UPI, Japan’s banking sector takes control over the payments segment in the country. A total of 61 banks covering more than 80% of all banking assets in Japan came together to build a new, blockchain-based payments system working in real-time, 24/7, to compete and possibly replace the existing inefficient payment rails.

Pick #1. Ripple-Powered Mobile App to Provide On-Demand Domestic Payments in Japan

The Japan Bank Consortium (comprised of 61 banks covering more than 80% of all banking assets in Japan) will release a smartphone application called MoneyTap – powered by Ripple’s blockchain tech ...

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