Rakuten fully integrates cryptocurrencies
Crypto-friendly since 2014, Rakuten is once again taking a step to help with the adoption of cryptocurrencies. Japan’s leading e-commerce group Rakuten now allows cryptocurrency holders to use Rakuten Pay, its payment service.
According to an official company statement, Rakuten Pay users can now feed their accounts with bitcoin (BTC), ether (ETH) and bitcoin cash (BCH). A widely accepted mobile application throughout Japan, Rakuten Pay allows you to pay for purchases in a large number of stores.
In an announcement, Rakuten Pay said that customers can use their cryptocurrencies from companies such as McDonald’s, Familymart, Lawson, or from 21,000 7-Eleven stores, a convenience store.
At the same time, the entire Rakuten ecosystem is also open to cryptocurrencies. Its mobile operator, travel agency, streaming service and electronic book and audio platform Kobo now accept cryptocurrencies.
Surprisingly, the company says it does not charge any fees on cryptocurrencies in Japan, which must be between 1,000 yen (7.80 euros) and 100,000 yen (780 euros) per month.
The adoption continues to grow
This Rakuten initiative is an important catalyst for the adoption of cryptocurrencies by the masses. According to a report by JPMorgan Bank, the Rakuten ecosystem has 95 million registered customers, or more than 75% of japan’s population. A mastodont of the e-commerce industry, it is undeniable that Rakuten’s initiative will bring a wave of mass adoption to Japan.
Moreover, Rakuten is no stranger to the cryptocurrency industry. The group even has a subsidiary specializing in blockchain research since 2016. The Rakuten Wallet, which allows users to store their cryptocurrencies but also exchange them, has entered service in 2019.
To promote the launch of this new service, Rakuten is launching a promotional campaign for its customers until March 24th. Anyone who reloads their Rakuten Pay accounts with cryptocurrencies will receive bonus loyalty points to use on Rakuten.
And since Rakuten doesn’t do things halfway, these same loyalty points can be converted into cryptocurrencies. It is therefore a kind of cashback in the same way as what crypto-cards offer.
After Rakuten, the next logical move would come from Amazon to accept cryptos. We believe the retail giant can’t stay behind and it wouldn’t be a surprise if we hear anytime soon that you can pay with BTC on Amazon
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