Japanese e-commerce giant Rakuten is now allowing users to use Bitcoin and other cryptocurrencies at merchants throughout Japan.
According to the report, Bitcoin, Ethereum as well as Bitcoin Cash can now be exchanged through Rakuten’s wallet for Rakuten Cash. Rakuten Cash is used to charge its Pay application and Point credit card.
The firm’s stated that no fees will be levied on such transfers. The range of transfers can be between 1,000 yen ($9.37) to 100,000 yen ($937) in value per month. This comes as a relief for customers who can now pay with crypto at merchants across Japan that accept Rakuten Pay and Rakuten Point Card.
The move is likely to be watched with great interest not only by firms in other countries, but also within Japan itself, as this is one of the smarter attempts we have seen to integrate Crypto’s with regular transactions, and hence, daily life.
One of the biggest arguments against Cryptocurrencies has been the lack of fungibility, or exchange value for other goods as is the case for fiat currencies. Usage on the largest eCommerce site in the world’s third-largest economy could make a meaningful difference very soon.