The Importance of Rakuten Releasing Its Mobile Pay App and Being Crypto-Friendly is Quite Impactful

Rakuten has announced that it will release a major update of its Rakuten Pay mobile app on the 18th of March, 2019, According to the Japanese e-commerce firm’s 2018 earnings release, published on the 12th of February, there appears to indicate a cryptocurrency payment in addition to its previous declaration


The firm’s presentation material for the fourth quarter revealed that the new update of the app will include all payment solutions embedded into one platform.

The recent materials confirm that Rakuten has revised its corporate structure
The company will also include the company’s new cryptocurrency exchange tagged “Everybody’s Bitcoin” as part of Rakuten Payment – the newly formed payments subsidiary
The subsidiary, which was previously known as ‘Spotlight’ will also include Rakuten Edy – the firm’s prepaid card service.

The firm’s earnings releases indicate that Edy and QR code payments will be supported in the new version of the app. Although the app’s new update does not totally support cryptocurrency, the firm’s specification of an

“all payment solutions” connotes support for crypto payments as a part of its subsidiary.

Rakuten bought ‘Everybody’s Bitcoin’ in August 2018 in a deal worth 2.4 million dollars at a time the firm’s representatives reported that it was deliberating on an entry into the cryptocurrency exchange industry as it is optimistic that the use of cryptocurrency-based payments in offline retail, e-commerce and P2P payments will increase in future.”

In its earnings release, Rakuten’s net income for 2018 was pegged at about 1.3 billion dollars, a 28.4 percent increase over 2017’s net income. Rakuten also announced in March 2015, that it has already started accepting Bitcoin (BTC) as a payment option on its portal, Rakuten.com.

Rakuten Inc. is a Japanese electronic commerce and Internet company founded in 1997 by Hiroshi Mikitani and based in Tokyo. Rakuten Ichiba –its B2B2C e-commerce platform is the reportedly the largest e-commerce website in Japan and it is also ranked the world's largest platforms by sales.

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