Rakuten, the company that runs Japan’s largest e-commerce platform, banking app, telecom network, and loyalty programme, just added XRP (CRYPTO: XRP) to its payment infrastructure. Starting April 15, Rakuten Wallet users can buy XRP with Rakuten Points, hold it in their wallet, and convert it to Rakuten Cash to spend at over 5 million merchant locations across Japan through Rakuten Pay.
That gives XRP access to 44 million active users and a loyalty ecosystem worth roughly $23 billion in convertible points—more than 20 times the $1 billion held across all U.S. XRP ETFs. The scale is there, but now it comes down to how many Japanese consumers actually bother converting their points into XRP instead of just spending them as yen.
How 44 Million Rakuten Users Can Now Buy and Spend XRP Across Japan
Rakuten Wallet added XRP for spot trading on April 15 alongside four other tokens, including Stellar, Dogecoin, Shiba Inu, and Toncoin. But XRP got something none of the others did: direct integration with Rakuten Pay, the company’s payment app used at over 5 million stores across Japan. That means users can buy XRP with Rakuten Points, hold it in their wallet, and then load it into Rakuten Cash to spend at merchants—from convenience stores to restaurants to online retailers.
It’s worth noting that users aren’t paying with XRP directly when they tap to pay. The XRP converts into Rakuten Cash, which then converts into yen — so the merchant receives yen like any other Rakuten Pay transaction. For the user, it feels like spending crypto, and the merchant receives cash, so nothing changes.
Rakuten made this move on its own, so it is not a typical Ripple partnership. Tatsuya Kohrogi, Ripple’s senior ecosystem growth manager, announced the integration on X and called it one of the most significant XRP milestones. But he clarified that Rakuten made the decision independently, as Ripple itself hasn’t publicly acknowledged it.
Rakuten has supported Bitcoin, Ethereum, and Bitcoin Cash payments since 2023, so crypto isn’t new for the company. But XRP is the first token to get full Rakuten Pay integration at this kind of scale—44 million users and 5 million stores is a different league from anything Rakuten has done with crypto before.
What $23 Billion in Convertible Rakuten Points Means for XRP
Most crypto integrations happen on exchanges or wallets that people download specifically to trade. Rakuten is different because tens of millions of Japanese consumers already use it for everything, including shopping, banking, mobile phone bills, travel bookings, and credit card payments.
The company runs over 70 services under a single account, and its loyalty points programme is the most-used rewards system in Japan. Over 3 trillion Rakuten Points are in circulation right now, worth roughly $23 billion, and as of April 15 those points can be converted directly into XRP.
To put that in perspective, all U.S. XRP ETFs combined hold about $1.2 billion in assets, so Rakuten’s convertible points pool is more than 20 times that. Of course, nobody expects all $23 billion to flow into XRP as most users will keep spending their points on groceries and travel like they always have.
But even a small percentage finding its way into XRP would create buying pressure that no exchange listing or ETF launch has come close to generating. Rakuten is also running a promo campaign offering up to ¥100,000 (about $630) in XRP rewards for qualifying purchases through May 15, which should drive early adoption.
Rakuten also flagged a planned fintech integration at its March 27 annual meeting that could connect Rakuten Wallet directly to Rakuten Bank, opening seamless fiat-to-XRP conversion for 17 million banking customers by Q3 2026. If that goes through, XRP won’t just be accessible through loyalty points, it’ll be one tap away from a regular Japanese bank account.
Can Rakuten Actually Move the XRP Price?
Rakuten has given XRP something no exchange listing or ETF launch ever has—a direct line into everyday Japanese commerce at a scale that touches tens of millions of people. But the honest answer is that most Rakuten users probably won’t rush to convert their points into XRP right away.
Japan’s cashless payment infrastructure already works seamlessly, and spending crypto adds a step most consumers don’t need. The real demand signal will come from the promo campaign numbers over the next month and how many users stick with XRP after the ¥100,000 rewards window closes on May 15.
What could change that entirely is Japan’s tax reform. On April 10, the Japanese government officially approved a bill reclassifying crypto as financial assets under the Financial Instruments and Exchange Act, cutting the capital gains tax from up to 55% to a flat 20%—the same rate as stocks.
If that takes effect alongside the Rakuten integration, holding and spending XRP in Japan stops being a tax headache and starts making financial sense. The combination of 44 million users, $23 billion in convertible points, and a tax rate that no longer punishes users for using crypto is what makes this more than just another listing.
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