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Rakuten Bank's Growth Continues with JPY 9 Trillion in Deposits

Photo by jun rong loo / Unsplash

Rakuten Bank revealed that its unconsolidated deposit balance exceeded 9 trillion yen at the end of March 2023.

The bank has been growing steadily, with over 13 million accounts as of September 2022, making it the first Internet bank to reach this milestone.

The growth is attributed to the convenience of Rakuten Bank’s services, available anytime and anywhere, and its collaboration with other Rakuten Group services, such as the Super Point Up Program (SPU) and Money Bridge.

These collaborations have allowed customers to enjoy increased points and preferential interest rates on deposit balances when linked to Rakuten Securities accounts.

Since the COVID-19 pandemic, cashless payments have gained popularity, increasing usage of Rakuten Pay and the Rakuten Bank Debit Card.

In addition, Rakuten Bank has continued to improve its services by expanding payment options for taxes and public funds through the Rakuten Bank Convenience Store Payment Service and PayGee.

As a result, many customers now use Rakuten Bank accounts for their everyday needs, contributing to the 9 trillion yen deposit milestone.

Rakuten Bank plans to maintain its growth by offering attractive products and services to its customers, thus solidifying its position as a major player in Japan’s online banking landscape.