Japan’s Rakuten, ‘Bitcoin payment universalization’ acceleration… Payment app and crypto wallet integration


[Blockchain Today Reporter Kim So-yeon] Japanese retail giant Rakuten has integrated its payment app and crypto wallet, allowing consumers to directly load their own Bitcoin holdings and use them for daily consumption.

According to Cointelegraph reports, Japanese cryptocurrency-friendly retailer Rakuten has made it easy to use users’ cryptocurrency holdings in everyday transactions through Rakuten Wallet, a cryptocurrency exchange affiliate.

According to the announcement on the 24th, users can now seamlessly load their wallet holdings from Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH) into their Laruten Pay account. Rakuten Pay is a mobile payment app supported by large and medium-sized retail stores and operates nationwide.

In 2019, Rakuten already allowed consumers to convert the Rakuten Group’s loyalty points into cryptocurrencies such as Bitcoin. Currently, more in-depth integration is underway, and plans to integrate Rakuten Wallet, Rakuten Cash (Rakuten’s electronic money service) and Rakuten Pay to enable cryptocurrency payments at retail stores such as McDonald’s, Seiyu, and Family Mart.

The minimum expenditure is 1,000 yen (approximately $9.40), and the maximum monthly amount is about 100,000 yen (approximately $940), and there is no conversion fee between fiat currency, electronic money, and cryptocurrency money. To use the integration, you must be a member of Rakuten and have a trading account set up in Rakuten Wallet. In addition, the company is paying Rakuten points as a bonus to encourage new services.