Rakuten – The Japanese Amazon to Start Accepting Cryptocurrency Payments Soon

Rakuten, one of the largest e-commerce stores in Japan, is reported to start accepting cryptocurrency payments from corporates and individuals clients. The online store is currently working on systems that will allow customers to pay for goods using Bitcoin and other cryptocurrencies. They are also going to introduce a cryptocurrency integration system.

Cryptocurrency Payment System to Be Introduced by Rakuten

Following the publication of a report that was published on February 12th, the company announced a major update to their mobile application also referred to as Rakuten Pay. The update will take full effect next month and there are rumours that the update will facilitate cryptocurrency payments.

According to a number of experts who are aware of the new update, the new mobile application will provide all payment solutions in one platform. Following the update, many customers are wondering if this is an indirect way of announcing the launch of top market cryptocurrency system.

Amazon, a U.S based e-commerce platform, has been advocating for cryptocurrency integration. Despite Binance CEO Changpeng Zhao that the enterprise will be left with no option but to create their own digital currency and distribute it to their customers, Rakuten has been open to the idea of using digital assets.

This year in January, the company is reported to have changed its corporate structure to add a new payments subsidiary in its exchange cryptocurrency, Everybody’s Bitcoin. Note that the exchange platform was purchased in mid-2018 for 2.4 million dollars. At the time, the purchases was viewed a tactical decision made by the management to make it possible for the commerce website to accept cryptocurrency payments.

Notably, the report also offers more information about the mobile application updates to their prepaid card service commonly referred to as Rakuten Edy. One of the updates is the implementation of QR code scanning that will be instrumental in facilitating cryptocurrency payments.

Investors are preparing for this update, as this will increase the net value of the e-commerce website. Last year, the net income increased by 28.4% to around $1.3 billion and this figure is expected to continue to increase ones the cryptocurrency payments are fully implemented. Read more news here.