Turning Japanese loyalty points into real crypto

Real crypto or a points game?

"Points into bitcoin" covers two very different products in Japan. The first lets you spend points to buy actual crypto that lands in an account at an FSA-registered exchange, or in a wallet you control. You can send it, sell it for yen and hold it for years. The second is points investingポイント運用 (pointo un'yo): your point balance rises and falls with a coin's price, but you never receive the coin itself., where your point balance simply tracks the bitcoin price. You never own any bitcoin.

This page is about the first kind. The pseudo products are summarised further down so you can tell them apart. Either way, almost every route needs a verified exchange account, which means Japanese residency, a residence card or other Japanese ID, and a Japanese address. The exception is au PAY's αU wallet, which needs only a verified au PAY account. We couldn't confirm English-language screens for any of these conversions, so budget a little time for Japanese menus.

Points sit alongside bank transfers, konbini cash and PayPay as ways to fund crypto; see the full list in ways to pay for crypto in Japan.

Every point programme compared

This table pulls together what each company's official announcements, help pages and news coverage confirm. Terms change with campaigns, so check the app before converting.

Notice that the rates aren't all "1 point = ¥1". Rakuten and Mercari points are worth a yen each, but a Saison Eikyu Fumetsu point is worth about ¥4.5 and Orico's rate is 1,200 points to ¥1,000. Compare programmes by yen value, not by point count.

Rakuten Points: the easiest start

Rakuten Points are the oldest route and the one most foreign residents will have, thanks to Rakuten Card and Rakuten Ichiba. Rakuten Wallet has accepted points at 1 point = ¥1, from 100 points, since December 2019. When you sell, you can send the proceeds straight to Rakuten Cash with no extra fee, which keeps the money inside Rakuten's ecosystem.

Purchases work like a dealer desk販売所 (hanbaijo): the exchange sells to you at a quoted price. Easy to use, but the price includes a markup called the spread.: you enter an amount and get a price. Rakuten Wallet doesn't publish its spread. If you're after the keyword answer to "can I buy bitcoin with Rakuten Points": yes, once your Rakuten Wallet account is verified.

PayPay Points via Binance Japan

Since 21 November 2025, PayPay Points can pay for crypto on Binance Japan's dealer desk, alone or together with PayPay Money, from ¥1,000. Set your points to "use for payments" in the PayPay app first; limited-time points are excluded. PayPay owns 40% of Binance Japan. Linking steps, limits and the residence-card catch for PayPay's identity check are in our PayPay crypto guide.

Mercari points and Mercoin's auto-buy

Mercoin runs inside the Mercari app. You can buy bitcoin and other coins from ¥1 with your Mercari sales balance or points. Since 15 September 2026 there is also an automatic option, confusingly also called ポイント運用: each time Mercari grants you free points, they buy the bitcoin or ether you selected at 1 point = ¥1. Pick both and the points are split evenly, with any odd yen going to bitcoin. There's no fee for the feature itself, though prices include a spread. Unlike PayPay's points course, this buys real crypto.

Ponta points into the αU wallet

On 30 September 2026, au PAY added the αU wallet, built on HashPort's wallet infrastructure. Verified au PAY users can convert up to 300 Ponta points a month into WBTCWrapped bitcoin: a token that represents bitcoin on another blockchain such as Ethereum. It relies on a custodian, so it isn't identical to holding BTC., ETH or the yen stablecoin JPYC, with no exchange account needed. The wallet is non-custodialNon-custodial: no company holds the coins for you. You control the keys, and you carry the risk of losing them., so you look after it yourself, and WBTC is a wrapped token rather than bitcoin itself. More on JPYC in our yen stablecoin guide.

Credit card points: Saison, Orico, Aplus and V Point

Saison Eikyu Fumetsu

Converts into BTC, ETH or XRP at Coincheck since 29 June 2026. Minimum 200 points, then steps of 100. The normal rate is about ¥450 per 100 points; a launch campaign paid ¥500 until 31 July 2026. These points never expire, so there's no rush.

Orico points

Convert at SBI VC Trade since 31 July 2026: 1,200 points buys ¥1,000 of BTC, ETH or XRP.

Aplus points

Convert at SBI VC Trade into BTC, ETH or XRP since 8 July 2025. We couldn't confirm the rate from an official source.

V Point

bitFlyer describes a V Point (formerly T Point) to bitcoin exchange from 100 points, bitcoin only. bitFlyer's site blocks our research environment and we could not confirm the rate officially; third-party guides cite about ¥85 per 100 points. Check in the app before converting.

How much crypto do your points buy?

The calculator values points at 1 point = ¥1. For programmes worth more or less per point, convert to yen first: 1,000 Saison points is roughly ¥4,500.

↑ The calculator is at the top of this page. Plug in your own numbers.

The "assumed spread" field stands in for the markup inside the price. In Japan only Coincheck (0.1% to 5.0%) and Zaif (0.1% to 8.0%) publish dealer spreadsThe gap between buy and sell prices at the same moment. On dealer desks it is the hidden fee, and it widens when markets swing.; the point conversions above mostly don't. On a few thousand points the effect is small, but ¥10,000 of points won't buy exactly ¥10,000 of crypto at market price.

The pseudo products: points that only track the price

Three well-known products look like crypto but aren't: PayPay's ポイント運用 ビットコインコース (since January 2025), Ponta's ビットコin牧場 "bitcoin ranch" (since July 2025) and au's bitcoin-linked course (announced May 2026). Your points go up and down with bitcoin, and what you get back is points. No exchange account, no wallet, no coins.

They're a low-effort way to feel the price swings. If you want something you can send, sell or hold as crypto, use one of the real conversions above. Mercari's feature is the exception to the naming confusion: it shares the ポイント運用 name but buys real crypto. Our overview of crypto inside Japanese apps covers each of these in context.

One-way only, and exposed to the price

Every route is a one-way street. Crypto can't be converted back into points. When you sell, you get yen, or Rakuten Cash, PayPay Money or Merpay balance, depending on the service. How to get from coins to yen is covered in cashing out crypto in Japan.

And from the moment you convert, the value moves with the market. Points worth ¥10,000 at the shops can be ¥8,000 of bitcoin a month later. That's fine if you treat it as found money, but it's a real change from a balance that would always buy ¥10,000 of groceries.

Tax on crypto bought with points

Crypto bought with points is taxed the same way as crypto bought with yen once you dispose of it. Selling, swapping into another coin or paying for something with it triggers a gain, which is generally miscellaneous income雑所得 (zatsu shotoku): the catch-all income category, added to your salary and taxed at your marginal rate. taxed at 15% to 55% in total including resident tax.

The tricky parts are what counts as your cost when you paid with points, and whether receiving the points was income in the first place. The answer can depend on how the points were earned, for example as a shopping discount or as a campaign gift, so we won't give a one-size answer here. For small amounts the difference is usually minor. If the numbers grow, read the National Tax Agency's crypto FAQ or ask the tax office or a licensed tax accountant (zeirishi).

Keep a record of each conversion: the date, points used and coins received. Domestic exchanges list these in their annual transaction report, but with a self-custody wallet like αU you'll need your own records. The wider rules are in our Japan crypto tax guide.

Which programme should you start with?

• Rakuten Card or Ichiba user: Rakuten Wallet, from 100 points, cash out to Rakuten Cash
• Heavy PayPay user: Binance Japan, from ¥1,000, combine with PayPay Money
• Mercari seller: Mercoin, from ¥1, with optional auto-buy
• au PAY user: αU wallet, up to 300 Ponta points a month, self-custody
• Saison, Orico or Aplus cardholder: convert the points to yen value first, then decide
• Everyone: check whether limited-time points qualify, and remember there's no way back to points

Want crypto from your everyday card spending instead? Some Japanese credit cards pay rewards in bitcoin or BNB; compare them in crypto cards in Japan. New to all of this? The guide for foreigners in Japan and our main buying guide are good starting points.

Buying crypto with points: FAQ

Keep reading

Buy crypto with PayPay

How the PayPay × Binance Japan link actually works

Read more →

Rakuten Wallet review

Buy with Rakuten Points, cash out to Rakuten Cash

Read more →

Mercoin (Mercari) review

Buy Bitcoin from ¥1 with your Mercari balance

Read more →

Ways to pay for crypto

Bank transfer, instant deposit, konbini, PayPay and points

Read more →

Crypto cards in Japan

Cards that earn crypto vs cards that spend it

Read more →

Japan crypto tax guide

How miscellaneous income tax works, with yen examples

Read more →