- Diamond members have a higher limit on how many Rakuten Super Points they can convert for each transaction and for each month.
- The only points that users can convert are Rakuten Super Points, and partner service company points are not eligible.
Rakuten is getting involved in the cryptocurrency world with their own loyalty points. A press release from Rakuten directly states that the new services launched through their wallet will allow users to transfer their Super Points into a selection of cryptocurrencies. The app for Rakuten Wallet allows consumers to participate in spot trading.
In Japan, users with a Rakuten Wallet and Super Points have the ability to trade for Bitcoin, Ethereum, and Bitcoin Cash, as long as they have at least 100 Rakuten Super Points. Every Super Point is worth one yen during crypto conversion, and the transaction will be recorded in the smartphone app.
Ultimately, the creators of the Rakuten Wallet aim to reduce the difficulty that some consumers face with entering the crypto space, allowing even novice users to get involve with trading. The new service allows customers to also use the Rakuten Super Points for a broader use cases, which makes their loyalty membership program more appealing to consumers.
With the new service, the only points eligible are from Rakuten directly, not their partner service companies. The user can only exchange for amounts over 100 Super Points, though the company has certain restrictions on how many points can be exchanged each month and for each transaction, depending on the current membership.
Diamond members can convert up to 50,000 Rakuten Super Points at once, with a limit of 500,000 Rakuten Super Points per month. Other members have a maximum of 30,000 Rakuten Super Points for each transaction, and a limit of 100,000 Rakuten Super Points per month.
The service will be available starting today.