Rakuten, one of Japan’s leading e-commerce platforms, announced that it has added XRP to its mobile payment application Rakuten Pay. With this move, Ripple’s cryptocurrency XRP will be able to be used as a payment tool in more than 5 million workplaces in the country through the application, which has 44 million users.
Rakuten loyalty points can be converted to XRP
Rakuten offers a popular loyalty program in Japan. Within the scope of the company’s loyalty system, 3 trillion points, that is, approximately 23 billion dollars, are in circulation. With the new decision, these points can be converted into XRP, stored as crypto assets and used for spending.
In Rakuten’s statement, it was stated that users will see XRP as a listed asset and payment method in the Rakuten Wallet application starting April 15. After this date, users will be able to purchase XRP directly with loyalty points and spend their XRP balances at merchants nationwide by transferring them to Rakuten Cash.
New opportunities for XRP trading and usage
Another point that draws attention in Rakuten’s announcement is that it allows spot trading of XRP through the application. Users will be able to buy and sell XRP within the app, as well as hold their XRP directly in their Rakuten Wallet. This will offer new opportunities in terms of both payment and investment.
Tatsuya Kohrogi, Ripple’s senior manager of ecosystem growth, emphasized that the development is a major turning point for XRP. According to Kohrogi, the integration of XRP into the loyalty system and payment infrastructure of Rakuten, one of the largest consumer brands in Japan, indicates that digital assets will take a greater place in daily life.
The integration of XRP into Rakuten’s loyalty and payment system stands out as an important indicator in the proliferation of digital assets.
Rakuten’s past steps in the cryptocurrency space
Rakuten has made significant breakthroughs in digital assets in recent years. The company, which enabled users to pay with bitcoin, ether and bitcoin cash through the application in 2023, introduced its own digital token called Rakuten Coin in 2021. Rakuten Coin is used as part of a points-based loyalty program.
With this latest development, Rakuten has further expanded its digital asset applications in Japan. Investors and users will now be able to meet both their cryptocurrency transactions and daily shopping needs through a single application.
