Japan: E-Commerce Giant Rakuten’s New Payment App Appears to Support Crypto
According to a new report from e-commerce giant Rakuten, the new version of its payment app will support “all payment solutions” — evidently including crypto
Japanese e-commerce firm Rakuten announced that a major update of its Rakuten Pay mobile app will be released on March 18, according to the firm’s 2018 earnings release, published on Feb. 12. The app’s new structure appears to indicate that it will support cryptocurrency payments in addition to fiat.
According to the company’s presentation material for the fourth quarter and the full year of 2018, the new version of the app will feature “all payment solutions embedded into one platform.”
As Cointelegraph reported in January, and the recent materials confirm, Rakuten — known informally as “Japan’s Amazon”— revealed a revision to its corporate structure. The restructured company includes the firm’s cryptocurrency exchange “Everybody’s Bitcoin” as part of a newly established payments subsidiary, Rakuten Payment. The payment subsidiary, which was previously its loyalty subsidiary under the name “Spotlight,” will also include the corporation’s prepaid card service, Rakuten Edy.
The firm’s earnings release specifies that Edy will be supported in the updated app and also indicates support for QR code payments. Though the app update does not explicitly note crypto support, the company’s specification that “all payment solutions” will be supported on the platform implies support for crypto payments as a part of its subsidiary, Rakuten Payment.