From June 2024 onwards, users of Japan's popular marketplace Mercari can look forward to using Bitcoin for their transactions.

In a recent announcement, the Japanese platform Mercari revealed their plans to integrate Bitcoin as a payment method for their users by June 2024. Bitcoin With a thriving user base of over 22 million each month, Mercari aims to facilitate Bitcoin transactions through its blockchain subsidiary Melcoin, based in Tokyo, according to local media.

While prices on the platform will still be shown in Japanese yen, users will be able to pay using Bitcoin. Melcoin will act as the middleman, ensuring that Bitcoin is converted into yen for the sellers.

This latest development follows Mercari's foray into the cryptocurrency world last year. In March 2023, they launched their own Bitcoin exchange, enabling users to purchase Bitcoin directly through the app using their bank accounts, earnings from sales, and bonus points from market activity. cryptocurrency This strategic move into the crypto arena seems to be showing positive results, as Mercari reported an impressive profit of 2.8 billion yen (around $19.4 million) in Q3 of 2023, a significant rise from 555 million yen during the same period the previous year.

Uncertainty Surrounds Transaction Fees

As the platform’s designated processor for Bitcoin payments, Melcoin will implement transaction fees similar to those associated with conventional currency transactions. It remains unclear whether these fees will mirror the existing structure, which leaves some uncertainty about the potential costs for users opting for Bitcoin payments.

Mercari’s engagement with cryptocurrency doesn’t stop at processing Bitcoin transactions. In October 2023, they rolled out the Mercari Bitcoin service, allowing users to trade Bitcoin using their sales proceeds. This bridges traditional e-commerce with cryptocurrency trading.

The addition of Bitcoin as a payment method is anticipated to boost the acceptance of cryptocurrency in Japan. Mercari’s initiative also aligns with similar moves made by major e-commerce players in Japan, including Rakuten, which has actively supported cryptocurrency integration. crypto trading Rakuten allows users to exchange loyalty points for cryptocurrencies and has established its own NFT platform.

By incorporating Bitcoin payments, Mercari is taking a significant leap towards enhancing Japan's digital transaction landscape, further emphasizing the growing trend of a more crypto-centric financial ecosystem in the country. Rakuten Please be informed that the content on this page does not constitute legal, tax, investment, or any financial advice. It’s crucial to invest only what you can afford to lose and consult with a financial expert if needed. For more details, we recommend reviewing the terms and conditions along with the support resources provided by the issuer or advertiser. MetaversePost is dedicated to delivering accurate and impartial reporting, though market conditions can shift rapidly without prior notice.

Kumar is a seasoned tech journalist specializing in the rapidly evolving intersections of AI/ML, marketing tech, and emerging domains such as crypto, blockchain, and NFTs. With over three years in the field, Kumar has built a strong reputation for crafting engaging narratives, conducting insightful interviews, and providing deep analysis. His expertise encompasses producing impactful content including articles, reports, and research for leading industry platforms, skillfully blending technical acumen with storytelling to convey complex tech ideas to varied audiences clearly and engagingly.