Rakuten, a major Japanese e-commerce and business giant, announced that it would be launching crypto to e-pay transaction service for its customers. The move is a significant step for Rakuten into the cryptocurrency market.
Japan’s First-Ever Free-Charge Crypto to e-Pay Transaction
The company that operates a crypto platform and e-pay business decided to link the two. According to the press release, this crypto to e-pay transaction will be the first of its kind to be charge-free. Japanese Rakuten will be charging absolutely nothing for this crypto to e-pay transfers.
Apart from external outlets, Rakuten’s also presented its own products for customers to spend their tokens on under the crypto to e-pay transactions service. The Japanese crypto e-commerce and business giant offers travel, streaming services, mobile operations, and its Kobo e-books and audiobooks retailing service.
Ethereum, Bitcoin, and Bitcoin Cash Make the Cut
The free-charge crypto to e-pay transactions will be available to Rakuten Wallet customers, the company’s crypto wallet and exchange platform. The selected cryptocurrencies to be transacted in the service will be bitcoin, Ethereum, and bitcoin cash. Furthermore, these chosen cryptocurrencies’ transactions will be limited to a minimum of $9.50 to a maximum of $950,000.
Using Rakuten Pay and Rakuten Cash, customers who subscribe to the crypto to e-pay transaction service will be able to spend their currency choice of different outlets. Japanese Rakuten mentioned some of the participating outlets, convenient stores Lawson, 7 Eleven, and Seiyu supermarket group. However, the Cash-buying option will only be limited to Rakuten’s customers with the standard crypto wallet and not those of Wallet Pro, its crypto trading application.
The Japanese crypto e-commerce and business giant has also partnered with some businesses in Japan. Rakuten customers can convert Rakuten Cash to Rakuten Points and spend it on these partners such as McDonald’s and retail chain FamilyMart. Furthermore, Rakuten offered to credit additional points to customers who will top up their Rakuten Cash Wallets with cryptocurrency to incentivize the service. According to the press release, this offer will be available only after the launch in spring until March 24.