Rakuten Pay brings XRP to 44M users

TLDR

Rakuten Pay is integrating XRP so 44 million Japanese users can buy the token with loyalty points and spend it at more than 5 million merchants.

1. Rakuten Wallet listed XRP and wired it into Rakuten Pay, letting users convert Rakuten Points into XRP and pay via QR at millions of stores in Japan.
2. Over 3 trillion Rakuten Points, worth roughly 23 billion dollars, can now be turned into XRP, creating a large new consumer on-ramp inside a mainstream loyalty ecosystem.
3. The impact depends on how many users actually convert and spend or hold XRP, plus follow-ons like Rakuten Bank integration and Japans evolving tax rules on crypto gains.

Deep Dive

1. How The Rakuten XRP Integration Works

Rakuten Wallet has listed XRP and connected it to Rakuten Pay, so starting 15 April 2026, Rakuten Pay users can buy XRP, convert points, and spend through the same app they already use daily. Reports note that 44 million Rakuten Pay users can now use XRP as a payment method at more than 5 million merchant locations across Japan, including online and QR code payments in physical stores. In addition, users can convert Rakuten Points into XRP, hold XRP in Rakuten Wallet, then load Rakuten Cash funded by XRP to pay at checkout, according to coverage of the Rakuten Pay users to use XRP.

Ripple executive Tatsuya Kohrogi called this one of the most significant XRP milestones, because it plugs XRP into a non-crypto native app that people already trust and use.

2. Why This Is A Big Deal For XRP Adoption

Rakuten Points are one of Japans largest loyalty currencies, with over 3 trillion points in circulation, valued around 23 billion dollars, which can now be converted into XRP inside the Rakuten ecosystem. That effectively turns a closed rewards loop into a liquid crypto on-ramp, as described in analyses of Rakuten Wallet adding XRP. Unlike other new listings such as DOGE or SHIB, XRP is reportedly the only one given full Rakuten Pay payment integration across all 5 million plus stores.

Japan is also moving toward a flat 20 percent crypto capital gains tax, which could make it more attractive for users who convert points into XRP to hold some of it rather than instantly spend.

3. What To Watch Next For Users And Markets

Several signals will show whether this is a narrative headline or a durable shift. First, watch on-chain and exchange data for Japan-linked XRP volumes and whether they trend up over time as Rakuten campaigns and point conversions play out. Second, see whether Rakuten follows through on plans to connect Rakuten Bank, which could open a direct fiat to XRP bridge for about 17 million banking customers, as highlighted in coverage of Rakutens XRP rollout. Third, monitor if other large loyalty or super-app ecosystems in Asia copy this template, which would confirm a broader payments trend.

Risks remain: most users may still prefer to treat points as yen, XRPs price volatility could limit merchant enthusiasm, and regulation or tax details could change the economics.

Conclusion

Rakutens XRP integration takes the token from mainly an investment and institutional payments story into Japans everyday consumer commerce, at very large scale. The real test is whether significant volumes of points and payments actually route through XRP and persist beyond launch promotions, and whether similar ecosystems follow Rakutens lead in tying loyalty, payments, and crypto together.