Japan’s Mercari E-Commerce Marketplace to Support Bitcoin Payments

10 months ago 5

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Mercari, a leader in Japan’s e-commerce sector, has revealed its intentions to enable and support Bitcoin as a payment method in its popular flea market app. This move is not just a first for Mercari but also a rarity among Japan’s major domestic e-commerce services, signaling a progressive shift in the industry’s approach to digital currency.

Mercari’s strategy involves utilizing Bitcoin within its app, providing a seamless and integrated experience for users. The adoption of Bitcoin as a payment option caters to a growing demographic of digital-savvy consumers, reflecting Mercari’s commitment to innovation and customer convenience.

Mercari Bolsters Bitcoin Adoption Through Marketplace Payments

However, it’s important to note that this payment option will be exclusive to users of the virtual currency trading service operated by Mercari’s subsidiary, Mercoin. This strategic decision could potentially open new markets and demographics to Mercari’s platform.

The implementation of Bitcoin payments involves displaying product prices in yen, with the option for users to select Bitcoin as their preferred payment method at checkout. Mercoin plays a crucial role in this process, managing the conversion of Bitcoin into yen before facilitating payments to sellers.

This system, however, comes with an inherent variability due to crypto market volatility. Users engaging in Bitcoin transactions must be cognizant of potential losses or gains due to rate fluctuations. This includes trading fees and spreads applied to these transactions.

Moreover, Mercari’s integration of Bitcoin extends beyond just payment facilitation. In March 2023, the company launched a Bitcoin trading service that has already amassed over one million users. This highlights the platform’s unique positioning in the market.

Mercari’s expansion into the handling of intangible assets, alongside physical goods trading, marks a forward-thinking approach to e-commerce, blending traditional retail with digital asset management.

Japan Revising Crypto Taxation Laws

This move by Mercari is synchronous with recent changes in Japan’s cryptocurrency taxation laws. The Japanese government has revised its taxation laws to offer more favorable conditions for companies holding crypto.

This policy shift includes the exclusion of year-end market value assessment taxation. This applies to corporations holding third-party-issued cryptocurrency. It is a move anticipated to stimulate domestic entrepreneurship and align Japan’s crypto tax policies more closely with those applied to individual investors.

Overall, Mercari’s initiative to support Bitcoin payments is part of a broader, country-wide movement towards embracing and regulating crypto. It reflects an innovative blend of technology and commerce, positioning Japan as a forward-thinking player in the global digital economy.

Read more: How To Accept Crypto Payments: A Brief Guide

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