XRP payments entered Japan’s retail ecosystem after RippleX enabled Rakuten Wallet users to convert loyalty points into XRP. Users can trade the token in-app and spend it across more than 5 million merchant locations nationwide.
In a post on X, RippleX confirmed that the rollout connects over 44 million Rakuten Pay users with a rewards system valued at nearly $23 billion. It combines loyalty conversion, crypto trading, and payments into one flow. XRP payments now link rewards directly to real-world spending.
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Rakuten Expands XRP Payments Ecosystem
Rakuten runs one of the biggest digital ecosystems in Japan in e-commerce, banking, and telecom services. The company is diversifying its crypto product with its payments network. The action opens up a huge consumer base to XRP payments.
The rewards program has over three trillion points worth approximately $23 billion. These points can be converted to XRP and spent by users in the payment systems of Rakuten. The platform handles trillions of yen of transactions every year.
Ripple Senior Ecosystem Growth Manager, Tatsuya Kohrogi, said that Rakuten Pay is an everyday commerce platform. He pointed out that it is not a crypto-native application. He further said that XRP payments are sent to users who have not been using digital assets before..
Santiment data shows an increase in XRP sentiment in Japan following the integration. The measure is at its second-highest point in two years. Analysts opined that price action might fail to react instantly to this change.
Japan Policy Shift Supports XRP Payments
They noted that valuation changes tend to be driven by adoption patterns in the long term. The effect of short-term sentiment on price is usually limited. The growth of XRP payments might be based on the further use within the network.
The implementation follows Japan’s change of its crypto tax system. The policymakers are proposing to reduce the capital gains tax to 20%. The proposal is included in the wider regulatory changes in the industry.
Ripple has been partnering to increase its presence in Japan. SBI Group has been a service provider since 2016 of XRP-based services, such as cross-border transfers. The company also intends to launch RLUSD using the local platforms.
At the time of writing, XRP is trading at $1.36, according to the CoinMarketCap data. The token has registered a -2.26 percent drop in the last 24 hours.
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