Wimplo Rakuten e-commerce giant New Payment App

Japanese e-commerce giant Rakuten announced a major update of its Rakuten Pay mobile app on to the firm’s 2018 earnings release published on February 12.

The app’s new structure appears to indicate that it will support cryptocurrency payments in addition to fiat.

Rakuten’s report reveals its earnings performance for Q4 and full year of 2018 and also explains that the pay mobile app’s new version will highlight a modified platform that would possibly accept ‘all payment solutions.’

The report indicates that the payment app will now offer ‘all payment solutions embedded into one platform.’ Rakuten which is informally known as ‘Japan’s Amazon’ published a revision to its corporate structure in its report.

The restructured company includes the firm’s cryptocurrency exchange ‘Everybody’s Bitcoin’ as part of a newly instituted payments subsidiary, Rakuten Payment. 

The firm’s earnings report specifies that Rakuten Edy (prepaid card service) will be supported in the updated app and also intimates support for QR code payments. Though the app update does not note cryptocurrency support, the firm’s specification that ‘all payment solutions’ will be established on the platform indicates support for crypto payments as a part of its subsidiary, Rakuten Payment.

Wimplo RAKUTEN PAYMENT TO SUPPORT CRYPTOCURRENCY PAYMENT FOR ITS E-COMMERCE, OFFLINE RETAIL AND P2P PAYMENTS FROM MARCH 2019 (1)

Rakuten acquired Japanese cryptocurrency exchange Everybody’s Bitcoin for $2.4 million deal in August 2018. At the time, Rakuten representatives reported that the firm was considering entry into the cryptocurrency exchange industry as it considers the role of cryptocurrency-based payments in e-commerce, offline retail and P2P payments will grow in the future.

In its earnings release, Rakuten published a net income for 2018 of about 141.9 billion yen (about $1.3 billion), a 28.4% year-over-year increase from 2017.

It will be interesting to notice if Rakuten will actually add Bitcoin payments to Rakuten Pay next month. If so, Bitcoin might see another bullish sentiment, which should be a good indication for crypto investors.