Rakuten, the giant Japanese e-commerce App is headed the crypto way if their recent announcement is anything to write home about. The upcoming March 18th update will see a crypto payment option added to their platform alongside with the current fiat. The announcement came out during the 2018 annual earnings release published on February 12th.
According to the e-commerce outfit, the new update will see the App support “all payment solutions embedded into one platform.” Billed the “Japanese Amazon, Rakuten recent restructuring has seen the entry of its native crypto exchange which has seen “Everybody’s Bitcoin” become a subsidiary payment option which previously rode on the “Spotlight” banner I addition to Rakuten Edy, a prepaid card services.
More up Rakuten’s Sleeve
During the earnings release, the firm made it clear that Edy will be supported in the new App version which will also include QR payment capabilities. As much as the report does not specify crypto, their mention of “all payment solution offerings” is a clear indication on the direction the e-commerce giant is taking; supporting crypto payments through the new Rakuten payment subsidiary.
Interest to venture into crypto payments came into the public limelight after the e-commerce outfit bought Everybody’s Bitcoin Exchange in August last year in a deal that cost $2.4million. The move saw the firms representatives report that Rakuten was “considering entry into the Crypto exchange niche” simply because “the role of crypto-based payments in e-commerce, offline retail and P2P are poised to grow in the near future”.
Rakuten Smooth Ride in Japan’s E-Commerce Market
Rakuten popularity in the Japanese market appears to be at its peak. This has seen a net income of over $1.3billion in 2018 which is a growth of 28.4% compared to 2017. Since the platform started accepting Bitcoin as a form the payment on their American outfit, everything appears to be falling into place.
Crypto adoption in Japan is on the rise and this has seen another internet focused financial outfit, SBI Holdings develop a soft spot for crypto after launching their native Vctrade exchange in July last year. However, the exchange came into the limelight after it started accepting major crypto deposits in December.
Virtual Currency Adoption and Usability
The crypto sphere is changing from digital asset HODL to usability and many industries are bracing themselves for disruption with forward-looking ones seizing the opportunity to tap onto the crypto wealth. With the many possibilities that the blockchain technology is presenting, fiat diehards will soon realize the beauty of the virtual currency economy
Rakuten and other next-generation players in the e-commerce industry are positioning themselves to tap into the crypto boom which the user finds faster, secure and convenient as compared to the conventional fiat economy.
The e-commerce decision comes at a time when crypto users are more aware of the cryptocurrency market and the potential it has towards real life solution provision. March 18th is poised to be the turning point for Rakuten and more e-commerce platforms are watching how the events unfold thereafter.