Japan’s E-Commerce Giant Mercari will Start Accepting Bitcoin Payments in June
Mercari is an e-commerce platform operating out of Japan. The firm has recently announced cryptocurrency-based products and services. A report published by Nikkie noted that the firm has enabled Bitcoin payments for flea market product purchase listings.
The new service is set to start in June 2024. On this account, the platform is partnering with native cryptocurrency exchange Melcoin.
The platform has noted that the products listed on the flea market application are priced in Japanese yen. However, following the recent changes, consumers will be able to make purchases using Bitcoin.
At the same time, both vendors and sellers will be able to receive Bitcoin payments or sales in the form of local fiat currencies. The platform noted that it will convert the paid Bitcoins to yen in real time via its subsidiary Melcoin.
BTC Payments in E-Commerce Sector
Mercari was first launched in 2013. The platform gained a reputation as the top e-commerce website during the last 5 years. At present, around 22 million consumers pay regular visits to the site. The usage rate of the platform is noted around 94%.
Additionally, the platform has generated 2.8 billion yen during the 3rd quarter of 2023. However, the platform is now setting a new trend to make BTC payments that will spread among tech-savvy consumers and natives in the region.
During previous years, Mercari introduced various cryptocurrency-based services. At the dawn of 2024, the platform is now working on introducing Bitcoin-based payments.
In this manner, the stakeholders on the forum will be able to use Bitcoin reserves for making sales or purchases on the platform. Additionally, the platform is also showcasing a cryptocurrency loyalty program that allows users to swap their purchase points for cryptocurrencies.
Japan As a Hub for DeFi Businesses in 2024
Japan can be seen as a nation responsible for the origin of blockchain since the flagship network founder of Bitcoin Satoshi Nakamoto also used a Japanese pseudonym. It is no surprise that Japanese markets are pro-crypto.
At the same time, the government of Japan has introduced a suitable regulatory framework for digital currencies. On this account, various crypto startups have based their operational HQ in Japan.
Entry of Major E-Commerce Stores in the Crypto Sector
Rakuten is another e-commerce giant in Japan in addition to Mercari. It has also remained pro-crypto and offered various crypto-backed services for its consumers. In this manner, the account holders on the platform are able to convert loyalty points into cryptocurrencies.
At the same time, the platform has also issued a self-developed Non-fungible token trading platform. Osaka Digital Exchange (ODX) is working on launching $20 million in security tokens issued by two real-estate firms on Ichigo. In September 2023 Japanese fintech new site reported that the regulators helped startups to conduct crowdfunding using cryptocurrencies.
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