Mercari in Japan has opened doors to cryptocurrency adoption by introducing various crypto-centric services on its platform. As one of the country’s largest e-commerce platforms, Mercari plans to enable customers to buy products listed on its flea market app using Bitcoin (BTC) starting in June. Reports from Nikkei suggest this functionality will be facilitated through Mercari’s Tokyo-based crypto exchange subsidiary, Melcoin.
The platform will display item prices in Japanese yen but offer the option to pay with Bitcoin. However, sellers will still receive payment in local fiat currency, as Mercari intends to convert the BTC using its exchange partner in real-time.
With 22 million monthly users, Mercari stands as one of Japan’s leading consumer-to-consumer e-commerce spaces. Initially launched in 2013, it swiftly gained prominence, achieving a 94% usage rate within five years. The platform recently reported a profit of 2.8 billion yen ($19.4 million) in Q3 2023. Introducing Bitcoin payment options could potentially drive further adoption of BTC in Japan, a nation known for its tech-savvy population.
Mercari has progressively integrated cryptocurrency into its platform, unveiling services like Mercari Bitcoin for crypto trading. This feature enables users to buy and sell BTC using proceeds from their platform sales. Moreover, their loyalty program involves crypto, allowing users to exchange their points for cryptocurrency.
Japan’s supportive regulatory environment has encouraged businesses to adopt crypto, making e-commerce platforms pivotal in fostering cryptocurrency usage. Rakuten, another major e-commerce player, has also embraced crypto, enabling users to convert loyalty points into cryptocurrency and establishing its native nonfungible token (NFT) platform.