Mercari, one of Japan’s biggest e-commerce platforms, has announced that it will begin accepting Bitcoin (BTC) as a form of payment starting in June this year. The company will process Bitcoin transactions through its Tokyo-based crypto subsidiary, Melcoin. While buyers will have the option to pay with BTC, vendors will receive their payments in fiat currency, as Melcoin will convert all BTC payments into yen.
Although prices on Mercari will continue to be listed in yen, customers will now have the ability to choose Bitcoin as a payment method when making purchases on the platform. This move comes as Mercari expands its presence globally, with a particular focus on establishing itself in European markets.
Founded in 2013, Mercari has grown to become Japan’s largest community marketplace platform, boasting 22 million monthly users as of July 2023. In recent months, the company has been actively venturing into the cryptocurrency space, introducing products such as the Mercari Bitcoin crypto trading service. This service enables users to buy and sell Bitcoin using the proceeds from their sales on the platform.
Mercari’s Bitcoin trading service has achieved significant success since its launch in October, surpassing the 1 million user milestone in just seven months. Furthermore, the platform has integrated a loyalty points system with its crypto trading arm, allowing users to exchange their points for Bitcoin.
This development positions Mercari, alongside rival platform Rakuten, as a gateway for Bitcoin and crypto investors and traders. Rakuten, another major Japanese e-commerce platform, has been involved in the crypto space even longer than Mercari. It operates the Rakuten Wallet crypto trading service, which has also linked its loyalty points program with its crypto arm.
A recent survey revealed that when Japanese individuals began trading coins towards the end of 2022, a significant majority opted for either Mercari’s Bitcoin Trading app or Rakuten’s Rakuten Wallet platform. Traditional market leader bitFlyer secured third place. This preference for e-commerce giants in the crypto space has dealt a blow to the nation’s largest cryptocurrency exchanges.
As Mercari opens its doors to Bitcoin payments, it marks yet another milestone in the adoption of cryptocurrencies in Japan’s e-commerce landscape. With the integration of Bitcoin as a payment method, Mercari aims to cater to the evolving needs and preferences of its user base, while also attracting new customers who are looking for alternative payment options.
The acceptance of Bitcoin by Mercari signals a growing recognition of the potential of cryptocurrencies and their increasing popularity among global consumers. As more established platforms like Mercari embrace digital currencies, it paves the way for wider adoption and mainstream acceptance of crypto as a legitimate form of payment. This move could have a significant impact on the future of e-commerce and how transactions are conducted online.
As Mercari continues to navigate the crypto space and expand its offerings, it remains to be seen how this move will shape the company’s future and its position within the e-commerce industry. However, one thing is clear: Bitcoin’s journey towards mainstream adoption has taken another significant step forward with Mercari’s decision to accept it as a payment method.
The integration of Bitcoin payments on Mercari will commence in June, providing users with increased flexibility and convenience. With a user-friendly interface and a diverse range of products, Mercari aims to foster an inclusive and seamless shopping experience for its customers, now incorporating the use of cryptocurrencies.
