Japan’s Largest Second-Hand E-Commerce Platform Mercari Now Accepts Bitcoin Payments: A Game-Changer Starting June
Bitcoin Payments Welcomed on Mercari
Japan’s preeminent second-hand e-commerce platform, Mercari, is all set to adopt Bitcoin as a payment method from June. Partnering with its crypto subsidiary Melcoin, Mercari will facilitate Bitcoin transactions, converting them into Japanese Yen for the sellers, while buyers enjoy the flexibility of using digital currency.
Further reading：Japan’s Progressive Crypto Tax Reform: Exempting Unrealized Gains
Yen-Priced Products with Bitcoin Payment Option
Although products on Mercari will continue to be priced in Yen, the option to pay in Bitcoin adds a new dimension to the shopping experience. This strategic move is not just about incorporating a cryptocurrency payment system but also about expanding the platform’s reach and versatility.
Leading the Online Marketplace in Japan
Founded in 2013 and making its IPO on the Tokyo Stock Exchange startup board in 2018, Mercari has become Japan’s top destination for second-hand goods. With a fundraising of over 110 billion Yen, Mercari’s market value currently stands at 2.85 billion USD. As of July 2023, the platform boasts a staggering 22 million active monthly users.
Further reading：Visa Launches ‘Web3 Loyalty Score’ Program: Brands to Offer Digital Wallets for Customers with Reward Points Exchangable for Perks
Mercari’s Foray into Cryptocurrency
Cryptonews reports Mercari’s recent ventures into the cryptocurrency market, including the introduction of “Mercoin”, a service allowing users to buy and sell Bitcoin using their platform sales revenue. Furthermore, the Mercari Bitcoin platform has a loyalty points system, enabling users to convert points into Bitcoin. Within just seven months of its launch, this initiative attracted over one million users.
A New Era for Bitcoin Adoption in Japanese E-commerce
Japanese e-commerce platforms are increasingly becoming conduits for Bitcoin adoption. Notably, Rakuten Group, another major e-commerce player, entered the crypto space even before Mercari. Rakuten’s integration of its loyalty points program with its crypto wallet service has been a significant move. Recent surveys revealed that most Japanese crypto traders prefer using Mercari’s Bitcoin app or Rakuten Wallet for their crypto transactions, overshadowing the nation’s largest exchange, bitFlyer.
Conclusion
- Mercari’s Bitcoin payment option marks a significant shift in Japan’s e-commerce sector.
- This development paves the way for increased cryptocurrency adoption among Japanese consumers.
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Keywords: Mercari, Bitcoin Payments, Japanese E-commerce, Melcoin, Cryptocurrency Adoption, Rakuten, bitFlyer, Digital Currency Integration
