Mercari, Japan’s leading e-commerce platform, is planning to introduce Bitcoin payment options for its flea market products by June 2024. The payments will be facilitated by Mercoin, the company’s dedicated crypto exchange and blockchain service platform.
Mercari, Japan’s leading e-commerce platform, is gearing up to introduce Bitcoin payment options for its flea market products by June 2024, as reported by Nikkei, a prominent Asia-based news outlet. The payments will be facilitated by Mercoin, the company’s dedicated crypto exchange and blockchain service platform.
Mercoin, which was launched in March 2023, is an avenue for Mercari users to buy and sell Bitcoin via the marketplace app. The platform will enable users to make payments using Bitcoin for the products listed on Mercari.
The product prices will remain displayed in Japanese Yen, while the Bitcoin transactions will be converted into Yen in real-time by Mercoin, which will charge an undisclosed amount for processing these transactions.
Mercari, founded in 2013, is the leading e-commerce platform in Japan, boasting 22 million active monthly users. The company expanded to the United States in 2014 and the United Kingdom in 2016.
Notably, its Mercari app has been downloaded over 100 million times worldwide and is the first pre-IPO company to reach unicorn status in Japan.
The e-commerce platform posted a profit of 2.8 billion yen ($19.4 million) in the third quarter of 2023, showing its strong performance amid the COVID-19 pandemic.
Mercari’s Bitcoin adoption diversifies its payment options and contributes to the mainstream acceptance of cryptocurrencies in Asian countries.
Recently, Japan has significantly changed its approach to regulating crypto assets. The country aims to create a more conducive environment for crypto-related businesses while balancing taxation requirements.
By April 2024, Japanese regulators announced plans to eliminate corporate taxes on unrealized crypto profits. Lobby groups like the Japan Crypto Asset Business Association (JCBA) also call for more favorable crypto regimes.
Japan is one of the most progressive countries in terms of crypto adoption and regulation. According to a report by Kaiko, bitcoin trade volume on Japanese exchanges rose from 69% to 80% in the first six months of 2023.
Mercari’s move to accept Bitcoin payments is likely to boost the crypto market and attract more users and investors in the country.