Jul 30 (News On Japan) - As the world moves towards a more crypto-friendly future, seeing e-commerce giants making crypto accessible to all is a big relief for those in the crypto market.
If the rest of the world wants to see this being done successfully, look no further than the Japanese e-commerce firm, Rakuten. As of February 2021, this massive e-commerce organization, known informally as the Amazon of Japan, has made it possible for users to spend cryptocurrencies to make everyday payments.
The crypto market, known for its unpredictability, can be difficult to forecast because some coins rise in value sharply while others flounder. However, according to Techopedia author Kane Pepi, crypto experts predict that some coins may explode and boom in value in 2024, with many eyeing Pepe Unchained, WienerAI, and PlayDoge, to name a few. The substantial growth of crypto popularity, including new coins, has made the demand that much greater for e-commerce providers across the globe to offer crypto payment options.
Rakuten Leading The Way
In April 2024, Rakuten announced its plans to consolidate its smartphone payment apps, integrating its Rakuten Pay and Rakuten Point Card into one. Quick on the needs and wants of its customer base, Rakuten is fighting its way forward as an e-commerce heavyweight. In 2015, the company saw the needs of its users, getting in on the crypto action before many others in the e-commerce world. Rakuten began accepting Bitcoin in 2015, but since then has opened its doors to many other crypto assets, giving crypto owners a chance to spend their currency conveniently.
Crypto payment methods are quickly becoming a must, whether it’s online shopping, crypto gambling, or simply trading. E-commerce companies need to keep up with customer expectations to retain users. Recognizing this early on, Rakuten is an e-commerce giant that could show the way to other global e-commerce organizations.
As one of the largest e-commerce organizations in Japan, it comes as no surprise that the Rakuten Group brought in over ¥2 trillion in 2023. Since its inception in 1997, the Rakuten Group has made it clear that it is on the pulse of technological innovation to ensure users and partners have access to the best.
In 2018, Rakuten announced its intention to move its payment-related businesses, including Edy, Rakuten Pay, and Point Partner business into a new company called Spotlight Inc. Spotlight Inc. would then go on to be renamed Rakuten Payment in 2019.
Supporting Easy Transactions For Consumers
To make payments for everyday items, in 2021, Rakuten Payment Inc. and Rakuten Wallet announced it would allow users to charge a Rakuten Cash balance with other crypto assets, including Bitcoin. Giving customers access to the service ultimately allows them to shop at Rakuten Point Card and Rakuten Pay-affiliated businesses. The best part? There are no handling fees, making the service the first of its kind in Japan. Generally, there is some type of charge when transacting with crypto, and although much cheaper than traditional payment methods, offering no handling fees makes using the service much more attractive for e-payments. Plus, if used wisely, users may also earn Rakuten Points along the way.
What Rakuten is displaying so powerfully to other e-commerce giants is that providing customers with what they need will inevitably have a profound impact on customer loyalty and satisfaction. Through offering quick, convenient, and affordable ways to transact with crypto, Rakuten is leading the e-commerce pack in innovative technology-driven decisions that are taking the entire Rakuten Group to new heights.
