Mercari, one of Japan’s largest e-commerce platforms, is set to introduce Bitcoin as a payment option for its flea market app-listed products starting in June.
This exciting development comes as the platform seeks to tap into the growing popularity of cryptocurrencies in the country.
According to a report from Nikkei, Mercari will facilitate Bitcoin transactions through its Tokyo-based crypto exchange subsidiary, Melcoin.
While the prices of products listed on the flea market app will be displayed in Japanese yen, users will have the option to pay with Bitcoin.
Interestingly, the vendors and sellers on the platform will still receive their payment in the local fiat currency, as Mercari plans to convert the Bitcoin to yen in real-time through its exchange partner.
Mercari has established itself as one of Japan’s premier consumer-to-consumer e-commerce marketplaces, boasting an impressive user base of 22 million monthly users.
Launched in 2013, it quickly became the country’s leading community-based e-commerce platform, with a staggering 94% usage rate.
In the third quarter of 2023, the platform reported a profit of 2.8 billion yen (approximately $19.4 million).
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The decision to incorporate Bitcoin as a payment option is expected to further encourage the adoption of cryptocurrencies among the tech-savvy population of Japan.
This move is not the first foray into the world of cryptocurrencies for Mercari.
The company recently introduced the Mercari Bitcoin crypto trading service, enabling users to buy and sell Bitcoin using the proceeds from their sales on the platform.
Furthermore, Mercari’s loyalty program is cryptocurrency-centric, allowing users to exchange their loyalty points for cryptocurrencies, further integrating digital assets into their ecosystem.
Japan has been known for its supportive regulatory environment for cryptocurrencies, which has paved the way for businesses to embrace digital currencies and offer cryptocurrency-related services to their customers.
Mercari is not alone in this endeavor, as other prominent e-commerce platforms like Rakuten have also been actively engaged in the crypto space.
Rakuten allows users to convert their loyalty points into cryptocurrencies and has even developed its native nonfungible token platform, demonstrating the country’s growing interest in digital assets.
As Mercari ventures into the world of Bitcoin payments, it marks another significant step towards the mainstream adoption of cryptocurrencies in Japan’s thriving tech landscape.
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