Japan's biggest railway company to begin accepting cryptocurrency payments

29 Mar, 2019
by Richard Allen
Adoption
Japan's biggest railway company to begin accepting cryptocurrency payments

Japan Railways Group, the largest railway and subway operator in the country is reportedly considering the integration of cryptocurrencies as a means of payment, CCN reports.

Joseph Young spoke to a local analyst who confirmed the company may partner with a major bank to create a new cryptocurrency company, perhaps an exchange that would see the integration of cryptocurrencies into the Suica card, the national public transport card used by millions of people. If the plan goes ahead, it would possibly be the largest boost in adoption yet, Young says.

Based on the reported plans, it seems likely JR Group’s new crypto venture will either be its own cryptocurrency exchange or something more along the lines of infrastructure to facilitate the payments process, similar to Rakuten.

In 2018, Rakuten, Japan’s e-commerce giant and known as Japan’s Amazon, bought a Bitcoin exchange for $2 million and placed the exchange under its subsidiary called Rakuten Payments.

The addition of a cryptocurrency exchange to JR Group’s portfolio would mean an increase in revenue from the transaction fees of the crypto payments it processes. The company must be confident demand for such a venture is high to consider such an undertaking.

Read more: Japan's SBI Holdings sets up crypto mining firm Japanese banking giant Mizuho launching its stablecoin in March

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