Mercari, a major Japanese e-commerce platform, introduces Bitcoin payments, enhancing crypto adoption in Japan.
Recently, Japan’s leading e-commerce platform Mercari, has announced the integration of Bitcoin payments starting this June. This development positions Mercari as a pivotal player in Japan’s crypto-friendly landscape, further enhancing its reputation as an innovator in the e-commerce sector.
Mercari’s decision to enable Bitcoin transactions marks a new chapter in its journey towards integrating digital currency solutions. Users on Mercari’s popular flea market application will now have the flexibility to pay for their purchases using Bitcoin, a step that underscores the platform’s commitment to embracing emerging financial technologies. The current Bitcoin price is approximately $45,000.
This integration will be facilitated through Melcoin, Mercari’s Tokyo-based crypto exchange subsidiary. While the app will continue to display prices in Japanese yen, it adds a feature allowing payment in Bitcoin. Significantly, this system ensures that sellers receive payment in local fiat currency. This is achieved by converting Bitcoin to yen in real-time through Mercari’s exchange partner, thus simplifying the transaction process for all parties involved.
Crypto Adoption in Japan
Founded in 2013, Mercari has rapidly grown into Japan’s foremost consumer-to-consumer e-commerce marketplace, boasting a monthly user base of 22 million. The platform’s remarkable growth trajectory saw it become the country’s largest community-based e-commerce platform within five years, with a staggering 94% usage rate. Mercari’s financial performance has been robust, with the third quarter of 2023 witnessing profits of 2.8 billion yen (approximately $19.4 million). The integration of Bitcoin payments could further drive the adoption of digital currencies in Japan, a nation known for its tech-savvy populace.
Mercari’s foray into the cryptocurrency space isn’t new. The platform previously introduced the Mercari Bitcoin crypto trading service, allowing users to buy and sell Bitcoin using proceeds from sales. Additionally, its loyalty program revolves around cryptocurrency, offering users the option to convert their points into digital currencies.
Japan’s pro-crypto stance, characterized by favorable regulations for businesses, has been instrumental in facilitating the growth of e-commerce platforms as gateways for cryptocurrency adoption. Mercari’s initiative follows in the footsteps of Rakuten, another Japanese e-commerce giant, which has long supported cryptocurrency, offering loyalty point conversion to digital currencies and developing a native nonfungible token platform.