Mercari, one of Japan’s most prominent e-commerce firms, will facilitate a crypto transaction feature for its users to buy its products, starting with Bitcoin payments.
A leading daily in Japan reported a new development that could be helpful for crypto adoption in the country. According to the report, Mercari, an e-commerce marketplace, will soon introduce crypto payments, specifically for Bitcoin. The new crypto transaction feature will come into effect within June 2024.
Mercari has been a proponent of crypto adoption for a long time. It has gradually introduced many crypto-specific products and services on its platform. For instance, it allows users to swap points for crypto in a unique loyalty program.
Mercari also has a crypto trading service through which users can exchange sale proceeds for crypto. Meanwhile, the new crypto payments feature will also tie up with a crypto exchange.
The products’ prices on the Mercari platform will still be displayed in Japanese yen, but a new crypto payments option will be visible. On the other hand, sellers and vendors will get the exact value of the product in local currency through converted BTC. The crypto exchange will help convert the BTC in real-time.
Moreover, Mercari’s sheer size and influence in e-commerce could greatly boost crypto adoption. With the rise of the crypto market, crypto payments could become a cheaper option for users than fiat money payments. As a result, more users may opt for Bitcoin payments through bullish market cycles. Along the way, the overall crypto community will benefit from the move.
In 2023, Japan was mainly in the crypto news space for its friendly crypto tax reforms. The country has tried amending crypto tax rules for unrealized crypto gains, benefiting crypto firms. The government has also allowed such firms to raise money by issuing crypto assets.
Follow Millionero’s blog for more news from the crypto industry!