đ„đ„đ„ $XRP to Fuel Payment Platform for 61 Japanese Banks on #Rippleđ° Network by 2025: Report
Ripple is collaborating with over 50 Japanese banks to develop a new payment infrastructure powered by distributed ledger technology (DLT). In a country where cash is still king, Ripple is positioning itself as a key player in Japanâs push toward digitizing payments.
Despite the global rise of digital payments, accelerated by the 2020 COVID pandemic, Japan remains heavily reliant on cash. While digital payments dominate in countries like China and Norway, accounting for up to 95% of transactions, 90% of Japanese citizens still prefer cash. Additionally, 52% of Japanâs $17 trillion in financial assets is held in cash, far higher than in the US (14%) and the EU (33%).
Japanâs government has been working to promote digital payments, making significant progress in recent years. However, concerns about security and reliability persist, with many citizens fearing that digital payments could lead to data breaches and loss of savings. Ripple sees this as an opportunity, leveraging blockchain technology to address these concerns and facilitate a shift to digital payments.
Ripple has been active in Japan for years, with strong partnerships like SBI driving the adoption of XRP and the XRP Ledger. Now, Ripple is taking its efforts further by developing a payments system in collaboration with many of Japanâs largest banks. Reports indicate that major fund transfer companies in the country have already started using Rippleâs XRP solutions to reduce costs and improve efficiency.
XRP is currently trading at $0.55358, showing a slight gain over the past day.
This is not investment advice.
