Rakuten Wallet now lets users convert loyalty points to digital assets

Rakuten Wallet now lets users convert loyalty points to digital assets

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Updated on Mar 11, 2020
Reading time 2 minutes
  • Japan's financial services giant, Rakuten, introduced a new service for its Rakuten Wallet, allowing Rakuten Super Points holders to convert the points into crypto.
  • The so-called 'loyalty points' holders can now convert their points into BTC, BCH, or ETH, with the minimum amount needed for conversion being 100 points.
  • The company's goal is to allow people an easier way to access cryptocurrencies, as well as to make loyalty points more useful to those who own them.

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Japan’s Rakuten Group has just announced that its Rakuten wallet will from now on allow its users to convert Rakuten loyalty points into digital currencies. The financial services giant’s so-called Super Points can be exchanged for three different cryptos, including Bitcoin, Ethereum, and Bitcoin Cash.

However, in order to do so, the loyalty points holder will have to own a Rakuten Wallet account. The company further added that users will need to have at least 100 loyalty points in order to exchange them for crypto. Each Super Point has the same value as one yen, meaning that the same amount of crypto can be bought with 100 loyalty points as with Japan’s fiat currency.

Rakuten wishes to provide clients with an easier way to access crypto

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Rakuten’s announcement states that the new service was introduced with the goal of reducing the entry barriers and allowing people to get into crypto-asset trading more easily. It is a more accessible way for loyalty points holders to get into crypto trading, even if they had no previous experience with digital currencies.

The announcement continues to say that the service also increases the number of use cases for the Super Points within Rakuten Group’s ecosystem. That way, the company’s loyalty membership program itself will become more convenient and attractive to customers.

However, the company has decided to put a cap on the maximum conversion limit of Super Points per single transaction, as well as per month. For now, at least, the maximum monthly cap will be 500,000 points, which is equivalent to half a million yen.

As many may already know, Rakuten Wallet is a cryptocurrency wallet, but also a trading platform, delivered by Japan’s financial services giant, Rakuten Group. The wallet is relatively new, and it has only been around for a few months, after being launched in August. As mentioned, it supports three crypto assets, and it is one of the rare few regulated platforms within the country.

As for the conversion of the loyalty points, only Android devices will have the ability to convert them, although the support for iOS devices will likely arrive within a month.

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