Mercari Plans to Accept Bitcoin Payments
Mercari, a popular digital flea market platform in Japan, is set to allow users to purchase products using bitcoin by June of this year. According to Nikkei, the company’s Tokyo-based blockchain subsidiary, Melcoin, will handle the bitcoin payments. While product prices on Mercari will still be displayed in Japanese yen, users will have the option to make payments with bitcoin, the world’s largest cryptocurrency by market capitalization.
Payment Process and Fees
Melcoin will act as an intermediary for transferring bitcoin to sellers in yen and will impose transaction fees similar to those applied to fiat currency sales. It is unclear if users will be charged the same amount of fees for bitcoin transactions.
Mercari’s Bitcoin Exchange
In March 2023, Mercari launched its own bitcoin exchange, allowing users to buy bitcoin through the app using their bank account balance, sales proceeds, and free points earned from selling activities on the platform.
Financial Performance
In the third quarter of 2023, Mercari reported a profit of 2.8 billion yen ($19.4 million), compared to 555 million yen in the same period the previous year. The company’s revenue for that period reached 44.27 billion yen, marking an 11.2% year-on-year increase.
Hot Take: Mercari Embracing Bitcoin Payments
Mercari’s decision to allow bitcoin payments is a significant move that reflects the growing acceptance and adoption of cryptocurrencies in Japan. By integrating bitcoin into its platform, Mercari aims to provide more flexibility and convenience for its users when making purchases. This development also highlights the potential for cryptocurrencies to become mainstream payment methods in various industries and further strengthens bitcoin’s position as the dominant digital currency in the market.
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