SBI Group Enables Credit Card Points Conversion to Bitcoin, Ether, and XRP in Japan

Japanese credit card users now have the option to transform their loyalty points into cryptocurrencies. SBI Group's APLUS is pioneering this initiative, allowing cardholders to exchange APLUS points for bitcoin (BTC), ether (ETH), or XRP (XRP). A conversion of 2,100 points yields tokens valued at over 2,000 Japanese yen, approximately $13 based on current exchange rates. The cryptocurrency transactions are managed by SBI's exchange division, with tokens directly deposited into the user's VC Trade account. This feature is optional and exclusively available for cards enrolled in the APLUS Points program. While the amounts are modest, this represents the first inclusion of cryptocurrencies in APLUS's rewards lineup, which traditionally featured cashbacks and partner incentives. For SBI, this move serves as a cautious strategy to familiarize users with digital assets without encouraging speculative trading. The bank has long supported Ripple, with XRP being the inaugural token on VC Trade at its 2018 launch. This development is significant within Japan's stringent crypto regulatory framework, showcasing a compliance readiness that many areas have yet to achieve. It also provides regular card users a subtle introduction to the cryptocurrency realm, devoid of aggressive marketing tactics.