Mercari Introduces Bitcoin Payments on Japanese E-Commerce Platform
Japanese e-commerce leader Mercari is set to allow Bitcoin payments for purchases on its flea market app starting in June. This move will enable users to buy products listed on the app using Bitcoin, as reported by Nikkei.
Transactions will be processed through Mercari’s Tokyo-based cryptocurrency exchange subsidiary, Melcoin. While item prices on the app will be shown in Japanese yen, buyers will have the option to pay in Bitcoin. The Bitcoin received by vendors will be instantly converted to local fiat currency by the marketplace through Melcoin.
Since its launch in 2013, Mercari has grown to become Japan’s premier consumer-to-consumer e-commerce marketplace, boasting 22 million monthly users and a 94% usage rate. In the third quarter of 2023, the platform reported a profit of 2.8 billion yen ($19.4 million). Integrating Bitcoin payments could further boost BTC adoption in Japan.
Mercari has been progressively incorporating cryptocurrency into its services. The company recently introduced the Mercari Bitcoin trading service, enabling users to trade Bitcoin using proceeds from sales on the platform. Additionally, Mercari’s loyalty program is crypto-focused, offering the option to exchange points for cryptocurrency.
Japan, known for its crypto-friendly environment, has facilitated e-commerce platforms like Mercari and Rakuten in becoming significant avenues for cryptocurrency adoption. Rakuten has also embraced crypto, allowing users to convert loyalty points into cryptocurrency and developing its own non-fungible token platform.
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