Rakuten Wallet Now Allow Users To Convert Loyalty Points To Crypto Assets

Announcements, News | December 30, 2019 By:

Rakuten Wallet, a consolidated subsidiary of Japanese e-commerce giant Rakuten Group, has introduced a new service that enables users to convert Rakuten Group’s loyalty points to crypto assets.

Last year, Rakuten acquired Japanese crypto exchange Everybody’s Bitcoin for 265 million yen ($2.4M USD), and changed its trading name to Rakuten Wallet. Rakuten Wallet is part of the e-commerce giant’s new payments subsidiary, Rakuten Payment, which previously acted as a base for the company’s loyalty program.

In a press release, Rakuten said that the new service will allow users in Japan who have a Rakuten Wallet account to convert their Rakuten Super Points to crypto assets available on Rakuten Wallet, including bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH).

“Rakuten Super Points can be exchanged from amounts of 100 Rakuten Super Points and above,” Rakuten Wallet said. “To use this service, customers can log in to the app, and, after choosing “Points Exchange,” select the target exchange currency and amount. One Rakuten Super Point is equivalent to one yen when converted to crypto assets, and when the exchange is complete it will be reflected in the transaction history on the customer’s smartphone app.”

According to Rakuten Wallet, the goal of the new service is to reduce the barriers of entry to crypto asset trading by providing an easy and more accessible way for new users to start, including novice users who have no prior crypto experience. The service will also increase the range of uses for Rakuten Super Points across the Rakuten Group’s ecosystem of services, making the Rakuten loyalty membership program even more attractive and convenient.

“Rakuten Wallet, as the Rakuten Group’s virtual currency exchange business, will continue to provide transaction services that customers can use safely and securely, and further expand its services by leveraging Group synergy.”