E-Commerce Giant Rakuten Allows Users to Shop With Cryptocurrency

Japanese e-commerce giant Rakuten is now allowing users to spend cryptocurrency like bitcoin at merchants throughout Japan.

The firm, often referred to as "the Amazon of Japan", announced customers can now load up Rakuten Pay accounts with cryptocurrency like bitcoin, ethereum, and bitcoin cash, and exchange these cryptocurrency assets for the firm's e-money, Rakuten Cash. In order to commemorate the latest cryptocurrency service, Rakuten is also offering bonus points to people leveraging "Rakuten Cash" via cryptocurrency assets.

Rakuten says it's not levying fees on such transfers, which can range from 1,000 yen ($9.37) to a maximum of 100,000 yen ($937) in total value per month.

The payment service with cryptocurrency asset support provides clients with access to a wide range of Rakuten's services and products including the firm's travel services, Kobo e-books, and mobile. 

Rakuten's ecommerce service has over 95 million registered users according to a JPMorgan insight report. Customers can pay with cryptocurrency at thousands of merchants across Japan that accept Rakuten Pay and Rakuten Point Card.

Rakuten Group has been into cryptocurrency solutions and blockchain technology for quite some time, as it launched the Rakuten Blockchain Lab (RBL) in Belfast, UK, back in 2016. Then in 2018, the company acquired the cryptocurrency exchange project "Everybody's Bitcoin Inc." for 256 million yen ($2,305,484). On August 19, 2019, Rakuten continued to move forward and launched its cryptocurrency exchange.

This spring, Rakuten is also integrating its cryptocurrency wallet into the Pay app.