Tokyo, February 24, 2021 – The Rakuten Group companies Rakuten Payment, Inc. and crypto asset (virtual currency) exchange business operator Rakuten Wallet, Inc. announced that starting today, users will be able to charge their Rakuten Cash*1 balance, an online e-currency provided by the Rakuten Group, with Bitcoin and other crypto assets*2. By doing so, the user will essentially be able to use crypto assets to shop at Rakuten Pay and Rakuten Point Card-affiliated businesses across Japan. This marks the first time a service in Japan enables users to use crypto assets as a source of e-money payment*3, without charging handling fees.
- Rakuten Payment, Inc.
- Rakuten Wallet, Inc.
Bitcoin and Other Crypto Currencies Can Now Be Used to Charge E-Money
To date, crypto assets supported by Rakuten Wallet could be withdrawn or accessed via bank accounts by paying a fixed handling fee of 300 yen (including tax) after each spot sales trade or transaction. However, with this new and convenient service, users are now able to charge their Rakuten Cash balance using crypto assets without having to pay any handling fees through the Rakuten Wallet app. Rakuten Cash can be used for purchases made on Rakuten Ichiba and other Rakuten Group services, as well as for payments made at supermarkets, convenience stores and drug stores located across Japan via the Rakuten Pay or Rakuten Point Card apps*4. In addition, when Rakuten Cash is used in conjunction with the Rakuten Pay app, users will receive one Rakuten Point, the number one loyalty points program in Japan in overall customer satisfaction*5, for every 100 yen spent (including tax), providing crypto assets users more value.
This service supports Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH), all of which can be used with Rakuten Wallet’s spot trading services. The amount of Rakuten Cash chargeable using crypto assets ranges from a minimum of 1,000 yen to a maximum cumulative total of 100,000 yen per month. The user’s Rakuten Cash account balance will be automatically updated after charging*6. Furthermore, coming this spring, the Rakuten Wallet app will be conveniently accessible from the Rakuten Pay app, allowing users to more easily charge Rakuten Cash using crypto assets*7.
To commemorate the launch of this service, Rakuten will hold the “Receive up to 1,000 Points for Charging Rakuten Cash with Crypto Assets” campaign from February 24 to March 24, 2021. During this campaign, if customers charge their Rakuten Cash balance from their spot trading account on the Rakuten Wallet app, they will receive Rakuten Points in accordance with the amount charged.
*1 Rakuten Cash is Rakuten Group online e-money managed by Rakuten Edy, Inc. For more information on Rakuten Cash, please see https://cash.rakuten.co.jp/overview/ (Japanese only).
*2 Crypto assets handled by the margin trading Rakuten Wallet Pro app cannot be used to charge Rakuten Cash.
*3 As of February 2021. For services provided by crypto asset exchange businesses in Japan (based on findings from Rakuten research).
*4 Can only be used with the Rakuten Point Card app or apps equipped with the Rakuten Point Card barcode. Cannot be used with physical Rakuten Point Cards.
*5 Source: "Survey on Points Systems." Valid responses: 1,000. Online survey conducted by MyVoice Communications, Inc. in July 2020.*6 Transaction amount limits do not apply to handling fees. However, the maximum chargeable amount is 100,000 yen, either in one lump sum charge or in a one month cumulative total. Due to fluctuations in the cryptocurrency market, a difference of a few less yen may occur between the charge amount indicated to the customer and the actual amount charged.
*7 Requires a Rakuten Wallet spot trading account and users must install the Rakuten Wallet app on their smartphones.
Users are able to use their crypto assets to charge their Rakuten Cash online e-money balance through the Rakuten Wallet spot trading smartphone app. Users are able to sell a fixed amount of legal currency from their Rakuten Wallet spot trading account, use that currency to charge their Rakuten Cash online e-money balance, and make purchases on Rakuten Group services or at affiliated businesses.
・ Service launch date: Wednesday, February 24, 2021
・ Exchangeable crypto assets: Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH)
・ Handling fees: None
・ Minimum chargeable amount: 1,000 yen (in increments of 1 yen)
・ Maximum chargeable amount: 100,000 yen in one lump sum charge or in a one month cumulative total
・ Availability: 24 hours a day (excluding maintenance periods for Rakuten Wallet and Rakuten Edy)
*Crypto assets cannot be charged from Rakuten Cash.
*Users must be Rakuten members and must have a Rakuten Wallet spot trading account to use this service.
■ A step-by-step breakdown of the service:
・ Campaign name: Receive up to 1,000 Points for Charging Rakuten Cash with Crypto Assets
・ Campaign period: 3:00 p.m. on Wednesday, February 24 to 6:55 a.m. on Thursday, March 24, 2021 (JST)
・ Campaign URL: https://www.rakuten-wallet.co.jp/campaign/cash_charge202102/ (Japanese only)
・ Campaign details: During the campaign period, customers who use crypto assets to charge a certain amount or more of Rakuten Cash through the Rakuten Wallet spot trading smartphone app will receive up to 1,000 Rakuten Points.
*Details of receivable points: 100 points when you charge 1,000 yen or more, 500 points for 5,000 yen or more, and 1000 points for 10,000 yen or more, in a single charge.
*The points obtainable through this campaign are standard points.
*Crypto assets applicable for this campaign: Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH).
*Please see the Rakuten Wallet campaign page for details.
About Rakuten Payment, Inc.
Rakuten Payment, Inc. is a Rakuten Group company that provides services in payments and marketing. Established in April 2019, Rakuten Payment operates services such as Rakuten Pay (for store payments and for app payments), Rakuten Point Card, Rakuten Edy and Rakuten Check. Rakuten Payment provides convenient and safe payment services to customers and provides affiliated businesses with a wide range of payment services tailored to meet their diverse needs and support through marketing programs leveraging data.
About Rakuten Edy, Inc.
Rakuten Edy, Inc. operates the Rakuten Group’s e-money Rakuten Edy and the online e-money Rakuten Cash. As a member of Rakuten Payment, Edy’s purpose is to create synergy between Rakuten Group services and provide even greater convenience and satisfaction to users and affiliated businesses.
About Rakuten Wallet, Inc.
Rakuten Wallet, Inc. joined the Rakuten Group in October 2018, was registered as a funds transfer business in July 2019, and has been offering services as a crypto asset dealer since August 2019. In addition, Rakuten Wallet has been registered with the Kanto Local Finance Bureau as a Type 1 Financial Instruments Business, in accordance with the Financial Instruments and Exchange Act, since May 2020.
About Rakuten Cash
Rakuten Cash is the Rakuten Group’s online e-money. Rakuten Cash balances can be charged from such sources as Rakuten Card, Rakuten Bank or from sales on the Rakuten flea market app, Rakuma. It can be used at brick-and-mortar businesses that accept Rakuten Pay or Rakuten Point Card, or for purchases made within the various services provided by the Rakuten Group. It is also possible to send or accept payments using Rakuten Cash.
About Rakuten Pay
Rakuten Pay is a payment service that allows users to make quick payments via a smartphone app by registering a credit card or Rakuten Bank account with their Rakuten Pay account. With this one app, users can pay via QR code, Rakuten Points, Rakuten Cash, Rakuten Edy or Suica*, while using the features of Rakuten Point Card.
*The Rakuten Edy app can be used from Android devices that support Osaifu-Keitai(R). Osaifu-Keitai is a registered trademark of NTT Docomo, Inc. Android is a trademark of Google LLC.
Rakuten, Inc. (TSE: 4755) is a global leader in internet services that empower individuals, communities, businesses and society. Founded in Tokyo in 1997 as an online marketplace, Rakuten has expanded to offer services in e-commerce, fintech, digital content and communications to approximately 1.4 billion members around the world. The Rakuten Group has over 20,000 employees, and operations in 30 countries and regions. For more information visithttps://global.rakuten.com/corp/.