back Back

Rakuten and Japan Post join forces to enhance digital delivery, cashless payments

By Leandra Monteiro

March 22, 2021

  • Japan
  • Rakuten
Share

Rakuten, cashless pay, Japan Post, FinTech, Japan’s postal system is investing $1.4 billion to acquire an 8% stake in the e-commerce venture Rakuten to strengthen a partnership in deliveries, FinTech and other areas. Japan Post Holdings President Hiroya Masuda recently revealed that the deal brought together the digital and the real.

The collaboration between the old-style analog mail and Rakuten, founded in 1997 and having 70 digital businesses, was announced earlier this month. It includes delivery services that allow people to make online reservations to pick up packages and mail in various locations whenever they want, both sides confirmed.

Rakuten will provide the post office with advanced technology advice and personnel. In return, Rakuten can use the post office’s network throughout the nation to sell its mobile service at real-life counters. As of now the subscriptions were mostly taken online.

Cashless payments are another area where the two entities can possibly collaborate. The Japanese post office is one of the biggest banking institutions in the country, holding more than $1.7 trillion in individual savings. Introducing more digital technologies will help the post office deal with the labour shortages that plague many Japanese businesses. Rakuten lags Amazon in the Japanese market and globally and is eager to expand. The Japanese company racked up a $1 billion loss in the fiscal year through December, hurt by some costly investments.

According to media reports, Rakuten’s CEO Hiroshi Mikitani said he hopes working with the post office will help empower rural economies and turn a new page for Japanese industries. “We are becoming family,” he said.

Rakuten, Inc.  is an ecommerce company in Japan. Rakuten provides a variety of consumer and business-focused services including e-commerce, e-reading, travel, banking, securities, credit card, e-money, portal and media, online marketing and professional sports. The company is expanding globally and currently has operations throughout Asia, Western Europe, and the Americas.

Previous Article

March 22, 2021

KreditBee raises USD 70 mn from NewQuest and Motilal Oswal PE

Read More
Next Article

March 22, 2021

Fattmerchant announces strategic investment in Fusebill

Read More








IBSi Daily News Analysis

Fraud

February 23, 2024

Japan

Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 22, 2024

Bud & Fintech Galaxy bring AI-led Open Banking solutions to MENA

Read More

February 21, 2024

OpenPayd bolsters instant payments solutions with TrueLayer

Read More

February 20, 2024

4 Banking Software providers accelerating digitisation in Europe

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023