Japan has been on the forefront of adopting, innovating, and expanding the Blockchain technology. Now, one of the largest e-commerce stores in Japan, Mercari, is going to start taking payments in Bitcoin very soon. This is a major step as this means more and more companies will follow. We have seen legislation being implemented across the globe on Bitcoin ETFs approval as well. Mercari and Rakuten both have been working relentlessly alongside bitFlyer for the development of Blockchain in Japan.
What is Japan doing for BTC?
Japan is one of the most advanced countries. Ever since BTC’s last halving, Japan has taken some serious steps. Not just the government but also the leading companies in Japan. Starting June 2024, Mercari is set to take Bitcoin as a mode of payment on their e-commerce store. Mercari has a subsidiary with the name of ‘Melcoin’ that is said to handle crypto transactions. This subsidiary will be the responsible agency involved in converting crypto payments into fiat-currencies.
How to Convert Rakuten’s Loyalty Points to BTC?
Rakuten has also launched an initiative to facilitate and promote crypto on their platform. Rakuten is a much older crypto-friendly platform that Mercari and Rakuten has started out on a new model to convert their customer’s loyalty points into cryptocurrencies. Their goal is to seamlessly adapt crypto and fiat-currencies providing more and more integration of the two on their platforms.
How will BTC payments work at Mercari?
Even though Mercari has not mentioned BTC as a direct mode of payment, they still offered crypto users the flexibility to pay for their products in BTC. How this will work is, the customer will pay in BTC, Melcoin will act as an exchange module and change it into fiat-currency and the Vendor will get paid in fiat currency. The vendor will not directly get paid in crypto or BTC but it still offers flexibility to customers to pay via BTC.
What are the Top Japanese Platforms involved in BTC?
Japan’s integration of blockchain has been greater than many of the world’s countries. A survey was conducted in Japan and even though Rakuten’s wallet platform is much older than crypto, candidates in Japan preferred Mercari’s BTC trading app. The overwhelming proportion of candidates (24.7%) chose Mercari’s app while Rakuten’s wallet was chosen by (24.2%). Shockingly, bitFlyer, the leading BTC exchanger, could only secure third place and was chosen by only 11.3%.
Recently, Mercari has also introduced several crypto-based products as well. Moreover, Mercari’s app which lets users buy and sell crypto based on their transactions on the Mercari stores has also played a pivotal role in Mercari’s monumental reach and success. Japan not only is encouraging residents to join crypto but also helping individuals and companies to adapt blockchain, web3, and NFTs. Companies and individuals alike are now starting to delve into the realm of Blockchain and BTC. The last halving of BTC has also let people to move towards BTC as soon as they can.
