Rakuten Wallet Lets Users Convert Points to XRP
Rakuten Wallet users in Japan can convert Rakuten Points into XRP, trade in-app and load Rakuten Cash to pay with Rakuten Pay at over 5 million merchant locations.
Rakuten Wallet has added XRP access for users in Japan, allowing them to convert Rakuten Points into XRP, trade the token inside the app, and transfer XRP into Rakuten Cash to pay with Rakuten Pay at more than 5 million merchant locations.
The listing makes XRP a tradable asset in Rakuten Wallet and a funding option for Rakuten Cash balances. Users can execute spot trades in the app and move funds between their wallet and payment balance without leaving Rakuten’s services.
To use the feature, a customer exchanges Rakuten Points for XRP in Rakuten Wallet, optionally trades the XRP in the app, and then converts XRP into Rakuten Cash. Rakuten Cash serves as the stored-value balance that settles purchases through Rakuten Pay.
Rakuten Pay reports about 44 million users and more than 3 trillion Rakuten Points in circulation, with an estimated value near $23 billion. Converted XRP can be spent at over five million merchants that accept Rakuten Pay across Japan.
On April 30, Ripple Senior Ecosystem Growth Manager Tatsuya Kohrogi outlined the scope of the integration, writing: “With 44 million Rakuten Pay users and $23B in loyalty points now redeemable for XRP, this is one of the largest retail deployments of XRP as a payment method to date.”
Rakuten’s configuration links the company’s loyalty program, digital wallet and payment service so customers can move value from rewards into a digital asset and then into a payment balance for everyday purchases.
The rollout adds XRP to an existing payment network and exposes the token to users who may not use standalone exchanges or crypto wallets.
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