- Mercari has announced that it will start accepting Bitcoin
payments on its platform, effective from June 2024.
- As reported by Nikkei, the company will conduct Bitcoin transactions through the Tokyo-based crypto subsidiary Melcoin.
- A majority of individuals in Japan have preferred Mercari’s Bitcoin Trading app (24.7%) or Rakuten’s Rakuten Wallet platform (24.2%).
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Mercari, one of Japan’s largest e-commerce platforms, has revealed plans to accept Bitcoin payments.
Mercari Takes Action for Bitcoin Payments
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Crypto-friendly businesses in Japan are now exploring various ways to increase the adoption of Bitcoin. Mercari, one of Japan’s largest e-commerce platforms, has announced that it will start accepting Bitcoin payments on its platform, effective from June 2024.
As reported by Nikkei, the company will conduct Bitcoin transactions through the Tokyo-based crypto subsidiary Melcoin. Melcoin will be responsible for converting all Bitcoin payments into Japanese yen. This means that buyers will have the option to make payments with BTC, but sellers will receive the equivalent amount in fiat currency.
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As a notable point, Mercari will avoid displaying prices in Bitcoin and will keep the list of items for sale in Japanese yen. Despite not showing prices in Bitcoin, customers will have the flexibility to choose BTC as a payment method when transacting on the Mercari platform. This move symbolizes a significant acceptance of cryptocurrencies in the Japanese e-commerce landscape.
Founded in 2013, Mercari has evolved into Japan’s largest community marketplace platform. As of July 2023, the company reported an impressive monthly user base of 22 million. Mercari is actively expanding its presence in international markets, particularly focusing on Europe.
In recent months, Mercari has ventured into the crypto space by introducing various crypto-related products. The company notably launched the Mercari Bitcoin crypto trading service. This service allows users to participate in Bitcoin trading using the income they earn from sales on the Mercari platform.
Additionally, Mercari’s platform includes a crypto trading arm intricately linked with a loyalty points system. This innovative integration allows Mercari users to convert their accumulated loyalty points into Bitcoin, bridging the gap between traditional e-commerce and the crypto world.
Japanese Businesses Providing a Gateway for Crypto
Industry observers have referred to the services offered by Mercari, along with a competitive platform operated by Rakuten, as a new “gateway” for Bitcoin and crypto investors and traders. Rakuten, a major Japanese e-commerce platform, has been actively involved in the crypto space long before Mercari’s entry.
Rakuten operates the Rakuten Wallet crypto trading service and seamlessly integrated its loyalty points program with the crypto asset unit, allowing users to convert their points into various crypto assets.
According to a recent survey, a majority of individuals in Japan who started trading cryptocurrencies towards the end of 2022 have preferred Mercari’s Bitcoin Trading app (24.7%) or Rakuten’s Rakuten Wallet platform (24.2%). This development posed a significant challenge, with bitFlyer, Japan’s leading crypto exchange, securing the third position with an 11.3% share. Meanwhile, Japan is working on significant tax reforms for the crypto industry this year.