'Rakuten Pay' Becomes Unified Payment Gateway

Apr 19, 2024 | News On Japan

TOKYO - Rakuten is consolidating its smartphone payment apps into a single platform.

The company is integrating various payment-related apps such as 'Rakuten Pay' and 'Rakuten Point Card' into one. This move is part of Rakuten’s strategy to enhance its financial services, as announced.

Shigeshin Kobayashi, President of Rakuten Payments, emphasized the strategic shift: "The unified payment app will serve as the gateway to Rakuten Group, offering access not only to financial services like cards, securities, banking, and insurance through fintech, but also other commerce services. We aim to significantly accelerate customer acquisition for Rakuten Mobile through Rakuten Pay."

Rakuten's decision to consolidate its payment applications is seen as a counterstrategy to rivals such as SoftBank's PayPay and NTT Docomo, which has partnered with Amazon.

With its mobile business dragging down profits, leading to five consecutive years of losses, Rakuten Group has initiated discussions to reorganize its financial services. The integration of its payment apps is intended to bolster its financial offerings and lift the overall performance of the group.

Source: TBS

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