Bitcoin Could Be a Payment Method on Japanese e-Commerce Giant Rakuten

Japanese e-commerce giant Rakuten dubbed “The Amazon of Japan”, is probably going to allow Bitcoin (BTC) as one of the payment methods available at checkout in addition to traditional ones like Cash-on-Delivery and Credit Cards.

One of the largest e-commerce firms of its kind in Japan, Rakuten is reportedly planning to introduce the new cryptocurrency payment method into its systems for the public around April this year. The change will happen following the planned internal restructuring of the firm during the same time period.

For Rakuten, this is not the first time that they have stepped into the cryptocurrency sector. In August of 2018, the company acquired the local cryptocurrency Everybody’s Bitcoin, which confirms that the company is actually interested in the new industry and its potential uses in e-Commerce.

The acquisition in August last year was achieved after a huge number of international consumers, traders and merchants linked to the e-commerce giant, Rakuten appealed for crypto assets to be introduced as a mode of payment on the e-commerce website. In this way, it can be noted that perhaps the company is simply responding to what the consumers want to keep their market share, and probably increase it.

In a public statement, the firm said,

“The role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future.”

Additionally, according to some documents released by the firm,

“After the restructuring in April, Rakuten Settlements will be responsible for the serving, processing, and payment of all of Rakuten’s transactions, including those made by the use of cryptocurrencies such as Bitcoin. Everybody’s Bitcoin itself will cease to be used as a mode of payment after March 2019.”

Observers in favour of the cryptocurrency industry have praised the company for taking a step forward in increasing the acceptability and popularity among the population of the country. at a time when many are looking at the industry with scepticism following 2018’s bearish market trends that took the cryptocurrency prices to record lows.

Additionally, the use of crypto assets, powered by the Blockchain technology as a mode of payment will also ensure fast, safe and seamless transactions on the e-commerce website.