Rakuten Launches It’s Credit Card Services In Taiwan.
Japanese e-commerce giant Rakuten has recently announced some plans on issuing its own-brand credit cards within Taiwan by the end of this year, followed by the company opening up a credit card company relatively soon.
Executive Vice President of Rakuten Inc., Masayuki Hosaka, said during a press conference held in Taipei, that the Rakuten credit card is extremely popular in Japan, with one application gained every eight passing second. He further went to say that Rakuten credit card spending have ranked sixth within Japan and he expect it to raise in ranking during this year,
In order to attract potential customers, Rakuten members do not need to pay any annual fee and card holders will earn rewards every time they use their cards. Card holders will be able to earn double points if they use the cards at Rakuten stores.
Rakuten credit cards tend to mainly target women who are at aged between 25 and 35, who stated that this is mostly due to them spending mostly on clothes, shoes and cosmetics.
The Financial Superivsory Commission had approved during the previous month, of Rakuten’s plan to issue its very own brand credit card through the Rakuten Card Taiwan.
It’s not only the very first new company that the commission has approves to invest in the credit card business in 12 years, but also the very first time Rakuten has allowed themselves to establish a credit card company outside of Japan. Taiwan has become Rakuten’s first overseas branch since its establishment back in 1997.
During the past 17 years, Rakuten Inchiba has expanding its business scope from a simple e-commerce towards travel, digital content, on-line banking, electronic currency and communications. The company has ventured into Japanese professional baseball during 2004 and began a credit card payment service with Rakuten card during 2005.
Taiwan Rakuten, which has recently marked its sixth year within Taiwan, is a joint venture with one of the island’s leading retail companies, President Chain Store Corp. Managing director of Taiwan Rakuten Ichiba, Yuichi Ejiri, stated while his company has ranked second within Taiwan in online retail, he is quite certain that with this recent issuance of their credit cards, it will reach the number one position in the near future.
“Our goal is to see a 60 percent growth in total revenues this year,” he said.
“Taiwan Rakuten has registered a 70 percent to 80 percent growth compared to the same period last year”, Ejiri said.
As Taiwan Rakuten is considered one of the most successful overseas branch. he stated that the company has high hopes in duplication this successful experience in other places in Asia such as Indonesia, Thailand, Malaysia and Singapore.