Japanese e-commerce giant Mercari is set to revolutionize its platform by allowing Bitcoin payments for purchases on its flea market app from June 2024, as reported by Nikkei on January 8, 2024. Facilitated through its Tokyo-based crypto exchange subsidiary, Mercoin, the integration aims to tap into the growing interest in cryptocurrency in the tech-savvy nation.

Despite maintaining the display of items in Japanese yen, Mercari users will soon have the option to make payments using BTC. The conversion process will occur in real time through Mercoin, ensuring seamless transactions for both buyers and sellers. Crucially, Mercari will uphold the display of prices in Japanese yen, preserving the familiarity for users.

Founded in 2013, Mercari has evolved into Japan’s largest community marketplace, boasting over 22 million monthly users. The e-commerce platform ventured into the cryptocurrency realm by launching Mercoin in April 2021, solidifying its position as a gateway for crypto adoption in the country.

In a landscape shaped by Japan’s supportive crypto regulations, e-commerce platforms are increasingly integrating cryptocurrency payment options. Rakuten, another major player, has initiated crypto projects, such as allowing users to convert loyalty points into crypto and developing a native non-fungible token platform.

Japan’s commitment to fostering innovation in the web3 space is evident in Prime Minister Fumio Kishida’s recognition of Web3 as a facet of the evolving capitalist landscape. The nation has also implemented reforms allowing startups to raise funds in crypto, coupled with new tax laws exempting companies from taxes on long-term cryptocurrency holdings. Nomura, Japan’s largest investment bank, contributed to the momentum by launching a Bitcoin adoption fund in September 2023. As Mercari embraces Bitcoin payments, Japan continues its journey towards a more crypto-inclusive economic landscape.