Rakuten, which is an e-commerce giant in Japan, has now partnered with the most prominent railway firm in Japan, the so-called East Japan Railway Company or JR East, to promote cashless payments. The news has been reported on the 5th of June, 2019.
The partnership between Rakuten and JR East
The new business between Rakuten and JR East is going to enable the commuters to charge, as well as use their rechargeable smart fare card, the so-called Suica of JR East, via the Rakuten Pay mobile application.
As it was reported yesterday, the integrated service is going to bring cashless transport payments via this mobile application to the commuters at 5,000 train stations, and almost 50,000 buses, additionally to nearly 600,000 stores around Japan.
According to the official press release which was published yesterday, the 5th of June, the forthcoming service has some plans to launch in the spring season of the following year. The two firms are reportedly going to look to future joint ventures to further promote such cashless payments networks, according to the claims of the press release.
Acquiring Everybody’s Bitcoin
Just like it was previously reported, an update to the popular Rakuten payments application which could probably facilitate support for crypto payments has been revealed in the 2018 earnings release of the company, which was published in February of this year.
E-commerce succeeded to acquire domestic crypto exchange Everybody’s Bitcoin last year in August in a $24 million deal. In January of this year, Rakuten also announced a revision to its corporate restructure, setting the new payments subsidiary which includes its new crypto business.
Rakuten’s plans to launch a crypto exchange
Right now, Rakuten has some ideas to launch a forthcoming crypto exchange, which is dubbed Rakuten Wallet, during this month, having sealed the regulatory approval from the Financial Services Agency or FSA of Japan in March.
Moreover, in March, the FSA even gave the green light to DeCurret, which is a crypto exchange in Japan, and which is parallel unveiled a new crypto payment system which is going to enable the Suica payment of JR East card to be topped up with crypto.
Notably, during the revelations of DeCurret later in March, there weren’t concrete plans to roll out the crypto-chargeable Suica card finalized, with JR East reportedly just considering the implementation.