Rakuten Wallet? Rakuten Cash? Rakuten Pay? What does it all mean?

By Lebonsamaritain | Crypto France | 15 Mar 2021


Japan is getting one step closer to using cryptocurrencies as actual currencies, thanks to Rakuten Wallet.

Rakuten’s online crypto wallet has started a new service that allows users in Japan to charge their Rakuten Cash with Bitcoin, Bitcoin Cash and Ethereum for free. Rakuten Cash can be used not only for Rakuten’s many online services, but also at physical locations throughout Japan, making the three virtual currencies more “real” than ever.

Rakuten Wallet? Rakuten Cash? Rakuten Pay? What does it all mean?

Rakuten Wallet is one of Rakuten’s many innovative fintech companies. Launched in 2017 as a “virtual currency exchange service,” it allows users to store, trade and even exchange Rakuten Points for Bitcoin, Bitcoin Cash and Ethereum.

Until now, when Rakuten Wallet users converted cryptocurrencies into Japanese yen and wired them to a bank account, a 300-yen fee would be charged for the transfer. Since last month’s announcement, users can now convert crypto assets into yen and charge them to Rakuten Cash for free.

 

Rakuten Cash is accepted by various other Rakuten services and at Rakuten Pay and Rakuten Point Card-affiliated businesses across Japan.

WE STRONGLY BELIEVE IN THE POTENTIAL OF CRYPTOCURRENCIES AND THE EXPANSION OF THEIR USAGE.

TATSUYA YAMADA, PRESIDENT OF RAKUTEN WALLET, INC.

So, what is Rakuten Cash? As the name suggests, Rakuten Cash is another type of e-money used within the Rakuten Ecosystem. It is closely related to the number one loyalty points program in Japan in overall customer satisfaction loyalty program ― Rakuten Points. Unlike Rakuten Points, which are earned by interacting with Rakuten’s various services, Rakuten Cash is essentially electronic money, which can also be charged from such sources as Rakuten Card, Rakuten Bank or from sales on the Rakuten flea market app, Rakuma.

Rakuten Cash and Rakuten Points are largely identical in how they can be used. Thanks to the innovative Rakuten Pay service, they can now be used within the wider Rakuten Ecosystem.

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Lebonsamaritain
Lebonsamaritain

Love crypto


Crypto France
Crypto France

Salut à toute la communauté francophone ! Fan de nouvelles croustillantes concernant la crypto ou toutes autres choses d'ailleurs, j'aimerais être l'un des ambassadeur d'une communauté peu représentée sur ce réseau. La crypto dans toute sa complexité se doit d'être accessible à tous, en discuter constamment dans une langue étrangère n'aide pas vraiment. C'est pourquoi je m'éverturai à en parler uniquement en français lorsque cela est possible.

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