Japan’s Biggest Railway Firm Partners With Rakuten to Promote Cashless Payments

Japan's gigantic e-commerce company, Rakuten joined the largest Japanese railway company, East Japan Railway Company (JR East) to promote non-cash payments. Cointelegraph Japan reported the news on June 5th.

The partnership will enable travelers to charge and redeem JR East "Sheep" smart card via the Rakuten Pay mobile application.

As Cointelegraph Japan records, the integrated service will enable passengers to 5000 rail stations and about 50,000 buses and nearly 600,000 stores in Japan to get cashless payments via mobile applications.

According to the official announcement released today, the launch of the next service is scheduled for spring 2020. Both companies are looking for future joint ventures to promote non-cash payment transactions. Further, the statement said.

As Cointelegraph has already pointed out, publishing the release for 2018, released in February, revealed an update to the popular Rakuten payment application that could potentially facilitate cryptocurrency handling.

In August 2016, Rakuten gained a national cryptographic stock exchange Everybody Bitcoin under a $ 2.4 million contract. In January, Rakuten announced a revision of its restructuring, establishing a new payment office, including a new cryptocurrency.

Rakuten now plans to launch the next cryptocurrency in June, named Rakuten Wallet, after receiving the regulatory approval of the Japan Financial Services Agency (FSA) in March.

Also in March, the FSA announced that DeCurret, the Japanese encryption exchange, also discovered a new payment encryption system that would allow JR East's Suica payment card to supplement its encryption.

Specifically, at the time of DeCurret's discovery at the end of March, no concrete project for using the crypto-charge card in Suic has been completed. JR East would only consider its implementation.


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