Japan's Mercari to Embrace Bitcoin Payments on Flea Market Platform
In a significant move toward crypto adoption, Mercari, one of Japan’s leading e-commerce platforms, plans to introduce Bitcoin (BTC) payments on its flea market app starting June 2024, as reported by Nikkei.
The integration will be facilitated through Mercari’s Tokyo-based crypto exchange subsidiary, Mercoin.
BTC Payments Without Price Display
Although the platform will continue to display item prices in Japanese yen, users will have the option to pay with BTC.
Mercari will convert the BTC in real time through Mercoin, ensuring sellers receive payment in fiat currency.
Despite embracing Bitcoin, Mercari will not display prices in the cryptocurrency.
Mercari’s Crypto Initiatives and Japan’s Regulatory Landscape
Founded in 2013, Mercari boasts over 22 million monthly users and launched Mercoin in April 2021, positioning itself as a crypto adoption gateway in Japan.
The move aligns with Japan’s pro-crypto regulations, encouraging e-commerce platforms like Rakuten to explore crypto initiatives.
Japan aims to foster further adoption and innovation in the web3 space, with the Prime Minister, Fumio Kishida, highlighting it as a new aspect of capitalism.
Japan’s evolving regulatory landscape includes tax reforms and initiatives like Nomura’s Bitcoin adoption fund launched in September 2023.