Cryptocurrency

The Japanese Version Of Amazon Might Soon Accept Cryptocurrencies

The Japanese Version Of Amazon Might Soon Accept Cryptocurrencies

The Japanese e-commerce giant Rakuten might accept cryptocurrencies in the short term. They announced a major update of its mobile application which the company will release March 18.

Cryptocurrencies might become more common in Japan in the near future

The e-commerce company Rakuten announced that a major update would commence shortly for its mobile app platform Rakuten Pay. The company shared the news in their last earnings report, published on February 12th. The update is set to release next month, and it seems as it will include cryptocurrency payments in conjunction with fiat.

The update does not specify that Rakuten Pay will support cryptocurrencies. However, it stated that it would support “all payment solutions.” Many wonders which cryptocurrencies that might get supported and if the announcement includes bitcoin and other top digital assets. The restructure of Rakuten, which was confirmed in the earnings report as well, is further proof that the e-commerce giant is looking to accept digital assets for payment.

Ledger Nano S - The secure hardware wallet

Also, the report contains information about updates to the company’s prepaid card service, Rakuten Edy. It includes implementation of QR code scanning for payments. It is another indication that cryptocurrency integration may be coming shortly. The earnings report also proved bullish for cryptocurrency investors since the company’s net income rose 28 per cent in 2018 to $1,3 billion.  

Cryptocurrencies get more implemented in our society

Rakuten is Japan’s equivalent to Amazon, and the later is familiar with cryptocurrencies and the blockchain technology as well. A few months ago, Amazon launched a web service that creates templates for blockchain applications. They were even granted a patent for a stream data marketplace with a bitcoin use case. The amounts of granted patents grow for the e-commerce giant.

However, they are not in the lead when it comes to blockchain patents. The tech giants IBM and Alibaba group have applied for around 100 patent applications each. While patent applications are one thing, accepting bitcoin as payments are another. There are several places and companies all around the world where buyers use bitcoin and other cryptocurrencies to buy goods.

Venezuela’s Walmart, Traki, is one example. Traki is the largest department store in Venezuela, and its customers can pay using bitcoin. Another example is tobacco shops in France who started earlier this year to sell cryptocurrencies. The Tobacco shops sell prepaid bitcoin tickets. Around 3,000 – 4,000 shops are equipped with software, allowing the direct purchase of these coupons. The coupons represent different values: 50, 100 or 250 euros.   Even though the price of bitcoin sinks, the use-cases grow in number.

Image Source: “Flickr”

Ledger Nano S - The secure hardware wallet