Mercari to Allow Bitcoin Payments
Japanese e-commerce giant Mercari will allow Bitcoin payments on its platform and enable users to purchase its flea market app-listed products starting June 2024. After launching several crypto-focused products and services, Mercari will become a gateway for crypto adoption in Japan.
In a report posted by Nikke, the e-commerce platform will use their facility, the Tokyo-based crypto exchange subsidiary Melcoin. The prices of listed items in the flea market app will be displayed in Japanese Yen, with an option to pay in Bitcoin. This move from Melcoin signals a notable embrace of cryptocurrency within the Japanese e-commerce landscape.
The flea market app prices will be displayed in Japanese Yen, and users can pay using Bitcoin. However, vendors and sellers will receive payments in the local fiat currency, as the marketplace will instantly convert Bitcoin transactions through its exchange partner.
What is Mercari
Mercari, a leading consumer-to-consumer e-commerce platform in Japan, boasts 22 million monthly users. Since its launch in 2013, it rapidly grew to dominate the Japanese e-commerce scene, achieving a 94% usage rate within five years. The platform reported a significant profit of 2.8 billion yen (approximately $19.4 million) in the third quarter of 2023.
Introducing Bitcoin as a payment option could accelerate BTC adoption in Japan, which is known for its technological advancement. The company Mercari has progressively incorporated cryptocurrency features on its platform.
One of its recent initiatives is the Mercari Bitcoin service, enabling users to trade Bitcoin using their sales proceeds. The company’s loyalty program also integrates cryptocurrency, allowing users to exchange points for various digital currencies.
Mercari is one of the most popular apps in Japan that features an impressive user-friendly interface, particularly appealing to mobile users, a reflection of Japan’s high mobile internet usage. The platform uses an escrow-like system to ensure secure trading, where payments are held until buyers confirm receipt of items in satisfactory condition.
Japan’s Crypto Regulations
Japan’s favorable cryptocurrency regulations make it an ideal environment for businesses to incorporate and promote crypto services. This regulatory landscape has facilitated e-commerce platforms like Mercari in pioneering crypto adoption in the country. Other major e-commerce platforms, such as Rakuten, have similarly adopted crypto-friendly practices, including converting loyalty points to cryptocurrency and developing platforms for nonfungible tokens (NFTs).
Japan is also best known as the birthplace of the first Bitcoin exchange, Mt. Gox, based in Shibuya, Japan, and launched in 2010. In the history of Bitcoin, Mt. Gox handled over 70% of all Bitcoin transactions, both buying and selling.
Mt. Gox was founded in 2006 by programmer Jed McCaleb, who first thought of building a website for users of the popular card game “Magic: The Gathering Online,” a tradeable card game service.
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