Mercari, one of Japan’s largest e-commerce platforms, is set to enable users to purchase products listed on its flea market app using Bitcoin starting in June. This move is part of the company’s effort to embrace cryptocurrency within its platform.
According to a report from Nikkei, Mercari will facilitate Bitcoin transactions through its Tokyo-based cryptocurrency exchange subsidiary, Melcoin. The prices of items listed on the flea market app will continue to be displayed in Japanese yen, but users will have the option to make payments in Bitcoin. Sellers on the platform will still receive the equivalent amount in local fiat currency, as Mercari plans to convert the received Bitcoin in real-time through its exchange partner.
Mercari is a significant player in Japan’s consumer-to-consumer e-commerce marketplace, boasting 22 million monthly users. Since its launch in 2013, it has rapidly become the largest community-based e-commerce platform in the country, with a remarkable 94% usage rate. In the third quarter of 2023, the platform reported a profit of 2.8 billion yen ($19.4 million). Offering Bitcoin as a payment option could further drive the adoption of BTC in Japan, a nation known for its tech-savvy population.
Mercari has already shown a willingness to embrace cryptocurrency within its ecosystem. Notably, the company introduced the Mercari Bitcoin crypto trading service, allowing users to buy and sell Bitcoin using the proceeds from their sales on the platform. Additionally, Mercari’s loyalty program is crypto-centric, enabling users to exchange their loyalty points for cryptocurrency.
Japan is considered a crypto-friendly nation with favorable regulations that facilitate the operation of businesses offering crypto-related services to customers. This supportive environment has encouraged e-commerce platforms like Mercari to become gateways for crypto adoption in the country. Rakuten, another prominent Japanese e-commerce platform, has also embraced cryptocurrency, allowing users to convert loyalty points into crypto and developing its own native nonfungible token (NFT) platform.
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