Japan’s Amazon-analog Rakuten, in its last earnings report, has announced that it will be releasing new features on its pay mobile app which may supposedly allow its users make use of cryptocurrency transactions through the gateway in the near future.
Rakuten didn’t directly say that it would accept cryptocurrencies, however, it did give a hint that all payment options will be accepted and since it already owns a subsidiary that offers cryptocurrency service, hence the possibility of it accepting crypto payments on its app when the upgraded features are released in March.
Rakuten’s involvement in crypto was established when it acquired local crypto exchange Everybody’s Bitcoin last year and was of the opinion that cryptocurrency-based payments will revolutionize the e-commerce industry.
Cryptocurrency payments on e-commerce platforms are thought to be one of the revolutionary hallmarks of cryptocurrency that may usher it into mainstream usage. Up until recently, only a few stores accepted crypto payments and most of these were sponsored by enthusiasts themselves.
As for mainstream stores, it remains to be known what’s keeping them from accepting cryptocurrency payments. More so, a sample survey showed how an average of 3% of Americans used Bitcoin for purchases. Perhaps it has something to do with volatility and the fact that in most jurisdictions, crypto regulatory status is either uncertain or outright banned. However, for Japanese crypto enthusiasts, the possibility of this development by Rakuten may have a positive impact on the industry.
E-commerce shoppers continue to show enthusiasm towards cryptocurrency adoption, although it might take a while before the industry has fully permeated the e-commerce niche. More so, a recent survey showed that 12.7% of Amazon customers would like to see the marketplace selling cryptocurrency products or services.