Mercari, one of Japan’s largest e-commerce platforms, is set to introduce Bitcoin as a payment option for items listed on its flea market app, starting this June.
Integration via Melcoin: Mercari’s Crypto Exchange Subsidiary
The Nikkei report reveals that the e-commerce platform will facilitate Bitcoin transactions through its Tokyo-based crypto exchange subsidiary, Melcoin. This strategic move aims to tap into the growing interest in cryptocurrency transactions among the platform’s 22 million monthly users.
Users will have the flexibility to view prices in Japanese yen, but now they can opt to pay in Bitcoin. Notably, vendors and sellers will still receive their payment in local fiat currency, as Mercari plans to convert the Bitcoin proceeds in real time through its exchange partner.
Mercari’s Crypto Journey: From Trading to Loyalty Programs
This isn’t the business’s first foray into the world of cryptocurrency. The platform recently introduced the Mercari Bitcoin crypto trading service, allowing users to seamlessly buy and sell BTC using funds from their sales on the platform. Moreover, Mercari’s loyalty program has a crypto-centric feature, enabling users to exchange their points for various cryptocurrencies.
With a user base of 22 million and a 94% usage rate, the marketplace holds a significant position in Japan’s consumer-to-consumer e-commerce landscape. The move to accept Bitcoin could potentially drive further adoption of the leading cryptocurrency in Japan, especially among the tech-savvy population.
Japan has established itself as a pro-crypto nation with conducive regulations, fostering an environment where businesses like Mercari can readily incorporate cryptocurrency transactions. This trend is not unique to the marketplace, as other e-commerce giants like Rakuten have also embraced cryptocurrency, allowing users to convert loyalty points into crypto assets and even developing their native nonfungible token platform.