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Japanese E-Commerce Giant Brings Crypto to its New Payment App

By | February 18, 2019
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Japanese E-Commerce Giant Brings Crypto to its New Payment App

Japanese e-commerce firm Rakuten has confirmed that Rakuten Pay mobile app, after a major app update on March 18, will support payments in cryptocurrencies beside fiat.

Once the updated version is available, the app will feature “all payment solutions embedded into one platform.” Native support such as Rakuten Card and payment cards, barcodes and QR code payments will take center stage.

In August 2018, Rakuten spent $2.4 million acquiring Japan crypto exchange Everybody’s Bitcoin. At the purchasing time, Rakuten said “the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future”, adding “in order to provide cryptocurrency payment methods smoothly, we believe it is necessary for us to provide a cryptocurrency exchange function.”

Rakuten claims on its website that it is currently having over 1.2 billion customers, all of which could potentially be offered cryptocurrency exchange services come March. In its 2018 earnings release, Rakuten reported a total net income for 2018 of about 141.9 billion yen (about $1.3 billion), 28.4 percent more than in 2017.

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