Mercari to Enable Bitcoin Payments on Its Digital Flea Market App from June
Summary:
Japanese e-commerce platform Mercari plans to introduce Bitcoin transactions for purchases on its digital flea market app from June. The service, facilitated by Mercari's subsidiary Melcoin, will offer Bitcoin as a payment option alongside the local currency yen. The innovative move aligns with Mercari's crypto-friendly approach, including a recently launched Bitcoin trading service and a loyalty program that allows users to exchange their points for cryptocurrency. The development is expected to boost Bitcoin adoption in tech-oriented Japan.
One of Japan's leading online marketplaces, Mercari, has announced plans to enable Bitcoin buys within its digital flea market app starting from June. Reportedly, Mercari's Tokyo-based subsidiary, Melcoin, will handle the Bitcoin transactions. Importantly, listed items will retain their original price value in Japan's local currency, yen, with an alternative option to pay with Bitcoin. Sellers will still receive payment in the local fiat currency - this is possible because Bitcoin payments will be instantaneously converted through the company's partnered exchange.
Mercari, a consumer-to-consumer online market, commands an impressive user base of approximately 22 million people each month. Since its launch in 2013, it swiftly rose to become the country's top community-based online marketplace, demonstrating a whopping 94% user rate. For the third quarter of 2023, the platform recorded profits of 2.8 billion yen (equivalent to $19.4 million), suggesting a Bitcoin payment option could significantly stimulate the cryptocurrency's further uptake in a technologically advanced country like Japan.
Over time, Mercari has increasingly incorporated cryptocurrency into its platform. It recently rolled out the Mercari Bitcoin trading service, which lets users trade Bitcoin using proceeds from merchandise sales made on the platform. Furthermore, the firm's reward scheme revolves around cryptocurrency, allowing platform members to exchange their loyalty points for digital currency.
Japan is recognized as a country receptive to cryptocurrencies, with accommodating regulations for companies wishing to provide such services to customers, leading to e-commerce platforms like Mercari acting as conduits for cryptocurrency acceptance in Japan. Another e-commerce giant, Rakuten, has long supported crypto, allowing customers to exchange loyalty points for digital currency and even creating its own NFT platform.
Published At
1/8/2024 1:00:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.