Rakuten, the Japanese retail giant, has integrated its crypto wallet with its payment app, where customers can now use Bitcoin for shopping.
It has been reported that users are now able to load up their Rakuten Pay accounts seamlessly with their wallet holdings of Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH). Rakuten Pay is a mobile payment app that is operational nationwide and supported by a wide range of large- and medium-scale retailers.
However, back in 2019, Rakuten had already enabled consumers to convert their Rakuten Group loyalty points to cryptocurrencies like Bitcoin. Now, deeper integration is being implemented, tying together Rakuten Wallet, Rakuten Cash (Rakuten’s e-money service), and Rakuten Pay to support cryptocurrency spending at retailers such as McDonald’s, Seiyu, and FamilyMart.
Japanese consumers can now spend #Bitcoin, #BitcoinCash and #Ether via Rakuten Pay at supported outlets nationwide. https://t.co/IqbJ8DsMpY — Cointelegraph (@Cointelegraph) March 1, 2021
The report said that there will be no conversion fees between fiat, e-money, and crypto holdings, although there is a minimum spend in the amount of 1,000 yen (around $9.40) and a monthly upper limit of around 100,000 yen (around $940).
To make use of the integration, users will need to be a Rakuten member and have a trading account set up for Rakuten Wallet.
Thus, the company is also offering a small bonus of Rakuten points to incentivize the new service.
Source: Cointelegraph