Japanese-based eCommerce giant Rakuten has recently announced that it would be expanding its functionality of their payment application and integrate cryptocurrency support while doing so.
Cryptocurrency has become quite popular in Japan and has shown quite the innovation for the crypto industry. Rakuten, which is probably better known for its online store that’s similar to Amazon, seems to finally take a gamble with cryptocurrency as the emerging sphere continues to grow. During it’s latest earnings report, a surprising announcement was made that has made most users quite excited.
The Rakuten payment application will be receiving a large overhaul. Once the new version has been made available during March 2019, users will be capable of benefiting from quite the significant change. Native support such as Rakuten Card and payment cards, barcodes and QR code payments will take center stage. These features were what made Rakuten quite successful in Japan as consumers were spending more money through the mobile app.
Along with this recent development, one of the bigger surprises was the company support for cryptocurrency. Although, it’s not completely clear on what type of functionality will be included for the time being. One interesting thing to note is that Rakuten did acquire a local Bitcoin exchange during its third quarter in 2018. The exchange known as Minna no Bitcoin, a platform provides convenient access to purchase, sell, and trade Bitcoin in Japan.
Even so, it seems like the exchange core functionality will be integrated into Rakuten Pay moving forwards. Including the support for linked credit cards and QR code payments, some very interesting observations will be witnessed in the coming future. Whether any specific limit has been included or additional KYC verification is necessary, remains to be seen for the time being.
Minna no Bitcoin platform has also seen very little activity going on for it once acquired by Rakuten. For that matter, it seems this platform will undergo a facelift of sorts and services have been stated to continue during April of 2019. Meaning Rakuten Pay app will be released with cryptocurrency functionality before the associated platform itself continues its usual operations.