Rakuten Group will fold its payments and points businesses into its credit card unit, it said Thursday, in a move that could set the struggling e-commerce company up to eventually list the card business.

Despite strong revenue from its core e-commerce offerings, Rakuten has lost money for about 12 straight quarters — hit by the costly build-out of its mobile phone business, which has failed to gain traction in Japan.

It has turned to listing some of its units — including its popular internet banking business, Rakuten Bank — to generate cash.

The company said Thursday it plans to consolidate its payments and points businesses and fold them into Rakuten Card, its credit card and loans unit.

Rakuten Card will become the "driving force" behind its integrated payments business, and may form strategic partnerships with other companies as well as "raising its own capital as necessary," Rakuten said in a statement.

Points and payments are at the heart of Rakuten's ecosystem, which is designed to draw customers into its broad spectrum of offerings. Users accumulate points by using Rakuten credit cards, shopping and insurance services. The points can be used to buy groceries, pay bills or book travel.

Public broadcaster NHK earlier reported the plan to combine the businesses.

Rakuten announced an operating loss of ¥48.9 billion ($339.61 million) at its second-quarter results on Thursday, narrowly better than expectations of an operating loss of ¥51.2 billion, based on the average of six analysts polled by Refinitiv.

On Monday it announced the departure of Tareq Amin, chief executive of the mobile business, who had headed the unit since March 2022.