Mercari, Japan’s Leading E-Commerce Platform, Aims to Enable Bitcoin Payments for Over 20 Million Users

Japan, embracing its pro-Web3 stance under Prime Minister Fumio Kishida, is positioning itself as a hub for blockchain ventures. The latest buzz indicates that the prominent Japanese e-commerce player, Mercari, is gearing up to introduce Bitcoin payments in the coming months. Established in 2013 and headquartered in Tokyo, Mercari boasts a monthly active userbase exceeding 20 million. The prospect of Mercari embracing Bitcoin transactions could significantly boost crypto adoption among the vast population of Japanese residents.

As reported by Japanese publication Nikkei, Mercari is poised to integrate Bitcoin payments, allowing users to make transactions in Japan’s fiat currency, the yen. At present, one Bitcoin is valued at approximately JPY 6,760,688 (around Rs. 38 lakh). This move is not Mercari’s initial venture into the Web3 realm; last year, it unveiled Mercoin, a blockchain subsidiary based in Tokyo.

If Mercari proceeds with the introduction of Bitcoin payments for its e-commerce platform, the Mercoin service will play a pivotal role as an intermediary, facilitating the conversion of Bitcoin to yen for sellers. This strategic move aligns with Japan’s broader push toward fostering a blockchain-friendly environment and underscores Mercari’s commitment to exploring innovative avenues within the evolving Web3 landscape.

Back in March last year, the ecommerce giant had also inaugurated its own Bitcoin exchange. Through this, Mercari lets its users buy Bitcoin from their respective bank accounts. Users can also get sales proceeds and free points that they earned from initiating selling activities on the platform.

The crypto market in Japan has shown a notable growth in the last year, which explains Mercari’s reported plans of experimenting with BTC payments. Towards the end of 2023, it was estimated that over five million Japanese residents held cryptocurrencies. In 2022, the number of active crypto asset accounts in Japan was estimated to be around 3.72 million.

As per the Japanese authorities, crypto technology in itself is not to be blamed for risking the financial stability of crypto investors. Rather, it’s the lack of rules governing the sector that has not been able to make the sector safe to engage with. PM Kishida, regardless, aims to help Japan develop and foster a promotional environment for Web3, blockchain, NFTs, and the metaverse in the coming days.