Rakuten Pay Mobile App Supporting Crypto & Fiat Payments To be Launched Soon.

Rakuten Pay Mobile App Supporting Crypto & Fiat Payments To be Launched Soon.

2019-02-17 | Selina Mathew

Rakuten Pay Mobile App Supporting Crypto & Fiat Payments To be Launched Soon.

In line with Rakuten' 2018 earning 'release', the company has revealed that a major update of its Rakuten Pay mobile app would be released on 18th March, this year. The new structure of the app seems to indicate that it’ll support cryptocurrency payments additionally to fiat.

As per company’s presentation material for the fourth quarter and also the full year of 2018, the new version of the app would feature “all payment solutions embedded into one platform.”

As EtherDesk 'reported' earlier in Jan., and also the recent materials ensure, Rakuten - known informally as 'Japan's Amazon' - added a revision to its company’s structure. The restructured company includes the firm’s cryptocurrency exchange “Everybody’s Bitcoin” as a part of a recently established payments subsidiary, [Rakuten Payment]. The payment subsidiary, that was antecedently its loyalty subsidiary under the name 'Spotlight', will also embody the corporation’s pre-paid card service, [Rakuten Edy].

The firm’s earnings report specifies that Edy would be supported within the updated app and additionally indicates support for QR code payments. Although the app update doesn't expressly note crypto support, the company's specification that “all payment solutions” are supported on the platform implies support for crypto payments as a section of its subsidiary, Rakuten Payment.

Rakuten was 'purchased' by Japanese crypto exchange Everybody’s Bitcoin, earlier in the month of Aug. last year in a $2.4 Mln deal. At present, company representatives revealed that the firm was “considering entry into the cryptocurrency exchange industry” as it believes 'the role of cryptocurrency-based payments in e-commerce offline retail and in P2P payments can grow within the future."

While mentioning further in its earnings release, Rakuten stated a net income for 2018 of around 141.9 Bln Yen [about $1.3 Bln], a 28.4% year-over-year increase from 2017.

Earlier in March 2015, Rakuten additionally proclaimed that it had started accepting Bitcoin’s [BTC] as a payment option on its its American portal named ‘Rakuten.com'.

Another Japanese web and finance giant ‘SBI Holdings’, has additionally shown major interest within the crypto sphere. The company launched its own crypto exchange named ‘Vctrade’, earlier in July last year. The exchange started accepting deposits in major 'cryptocurrencies' starting from Dec. last year.

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