Bitcoin: Rakuten turns cryptocurrency into a means of payment

The e-commerce and online retailing company Rakuten, known for its open relationship with cryptocurrencies, now allows its customers to use crypto money for their purchases. 

Rakuten is not only active in retail but also in the financial sector based in Tokyo. It was founded in 1997 by Japanese businessman Hiroshi Mikitani. Its B2M E-Commerce platform Rakuten Ichiba is the largest e-commerce site in Japan

Dealer, bank and crypto exchange in one

As one of the ten largest e-commerce companies globally, the giant operates the most extensive online bank with the most successful credit card in Japan. With Rakuten Wallet, a trading platform for cryptocurrencies, the company has been active on the market since August 2019 and trades in Bitcoin, Bitcoin Cash and Ether.

Rakuten has strong offers in all three relevant areas and can thus offer fiat money to crypto and vice versa from a single source. It makes sense to enable the purchase of goods and everyday shopping via the in-house payment solution Rakuten Pay.

Flawless integration of crypto money into the virtual wallet

Users of the Rakuten Wallet can now transfer their crypto money to Rakuten Pay without further fuss. The conversion to the Japanese yen is automatic and free of charge. Use is limited to around 780 euros per month. The amount to be paid must not be less than 7.80 euros (1,000 yen).

Rakuten Pay works like Google Pay and Apple Pay – so it is not limited to the Rakuten marketplace. Rakuten Pay users can use cryptocurrencies almost freely for their everyday expenses, provided that the respective retailer or service provider accepts Rakuten Pay.

For Rakuten, the combination of financial services may offer lucrative opportunities to generate additional profits. After all, cryptocurrencies are very volatile, so they can fall or rise quickly. Experts mostly agree, however, that in the long run rising is more likely than falling.