Japanese E-Commerce Giant Mercari to Allow Bitcoin Payments
In a strategic and pioneering move, Mercari, one of Japan's foremost e-commerce giants, is poised to reshape the landscape of online transactions by introducing Bitcoin (BTC) payments on its popular flea market app. According to a recent report by Nikkei, this transformative step is slated to commence in June 2024 and will be facilitated through Mercari's Tokyo-based crypto exchange subsidiary, Mercoin.
Mercari, founded in 2013, has established itself as Japan's largest community marketplace, boasting over 22 million monthly users. The platform's decision to accept Bitcoin aligns with the nation's progressive pro-crypto regulations, providing users with an alternative payment method while reinforcing Mercari's commitment to staying at the forefront of technological innovation.
Notably, while the items listed on the platform will continue to be displayed in Japanese yen, users will now have the groundbreaking option to make payments using Bitcoin. The real-time conversion of BTC to fiat currency will be handled by Mercoin, ensuring that sellers receive the equivalent amount in Japanese yen. Mercari's move follows the successful launch of Mercoin in April 2021, positioning itself as a gateway for crypto adoption in Japan's tech-savvy market.
The integration of Bitcoin payments comes at a time when Japan is actively fostering innovation in the web3 space. Prime Minister Fumio Kishida has acknowledged Web3 as a crucial aspect of the evolving capitalist landscape. Furthermore, regulatory reforms, such as tax exemptions for companies holding cryptocurrencies for the long term, demonstrate the country's commitment to embracing digital currencies.