Rakuten Rolls Out Crypto Based Payments

Ever since Bitcoin was developed and subsequently rolled out, many people have questioned the use of the asset for purchases. Even though it was designed to act as a peer-to-peer payments system without the need for a bank, analysts have pointed out that the digital asset could serve more uses.

Showing the entire world that Bitcoin could be more than a hedge and a peer-to-peer payments system, a Japanese conglomerate has announced a new update regarding digital assets on their platform. According to a release some days ago, Rakuten has announced that individuals who wish to purchase using digital assets would be allowed to do so on their platform henceforth.

Rakuten Cash would be used for payments on its platforms

According to the release by the entity, they have rolled out payment options for traders who wish to buy goods and services using Bitcoin, Bitcoin Cash, and Ethereum. Noticeably, Rakuten has its roots wide and deep on the Japanese soil, owning a digital asset exchange amongst other businesses it has embarked on.

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In the update, the firm also mentioned that users would be free to exchange their digital assets for their native coin, “Rakuten Cash,” located in their wallet, which goes by the same name. The firm also mentioned an array of goods that can be bought on its platforms, including games, electronics, and the likes.

While other things have been commendable so far, the company has also noted that exchanges done to the Rakuten Cash would be free of charge. It means that even though users are not paying directly using crypto, they are putting their digital assets to fair use.

However, the Japanese population would have more to benefit from this. The firm has also announced that Rakuten Cash can also suit other uses such as Rakuten Pay, a payments platform, and Rakuten point card, which is used for various cashback services.

Digital assets are seeing their uses increase

Rakuten Ichiba, a platform that serves millions of Japanese in e-commerce, would also be using the Rakuten Cash henceforth. Analysts have pointed out Rakuten Ichiba as the Amazon of Japan due to the number of people. To endure popularity, Rakuten has announced that it will adopt a point-based system for Rakuten Cash users.

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The firm announced that for every 100 yen spent, Rakuten Cash holders get rewarded with 1 point. The firm pointed out that this way, the use of the new asset would be boosted across all their platforms. However, this is not the first time that the firm is rolling out something like this, as it has developed so much of this in the past.

In 2019, Rakuten developed a crypto trading app for its users, and some months later, in the same year, users were thrilled with a new feature that converts their points to digital assets. This new development shows that even though crypto has not reached the point it is expected to be at, many firms worldwide are now trying to push it to the level.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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