Aplus Co., a subsidiary of SBI Shinsei Bank Group, has announced new capabilities for exchanging points for cryptocurrency. This rewards expansion allows the use of XRP, Bitcoin, and Ethereum.
Cryptocurrency as a Redemption Option for Aplus Points
Aplus, a popular credit card and financial services provider in Japan, has updated its rewards program to allow customers to redeem points for digital assets. According to an official press release, Aplus cardholders can now redeem 2,100 points for ¥2,000 worth of XRP, Bitcoin, or Ethereum. Previously, points were limited to redemptions for merchandise, gift cards, cash, or transfers to affiliated loyalty programs.
XRP Integration through Partnership with Ripple
The inclusion of XRP as one of the redeemable assets is consistent with SBI Holdings' long-standing relationship with Ripple. SBI has advocated for the use of XRP in financial applications since 2016 when it began exploring blockchain for cross-border settlements. SBI VC Trade, launched in 2018, initially offered XRP as its sole trading option, highlighting its strategic alignment with Ripple. Earlier this year, SBI VC Trade also introduced XRP lending services.
Trends in Cryptocurrency Adoption in Japan
These developments come amid a broader wave of cryptocurrency adoption across Japan's financial sector. Regulatory clarity provided by Japan's Financial Services Agency has allowed licensed exchanges like SBI VC Trade to safely expand their services. Experts see the introduction of crypto point redemption as a strategic move to drive user engagement among younger demographics increasingly comfortable with digital assets.
The partnership between Aplus and SBI VC Trade opens new prospects for using cryptocurrencies in everyday financial products, a trend also observed in other countries such as the U.S. and South Korea.
