Japanese E-Commerce Giant Mercari to Enable Bitcoin Payments with Web 3.0

Mercari to Allow Bitcoin Payments for Flea Market App Purchases

Japanese e-commerce giant Mercari is set to enable Bitcoin (BTC) payments on its flea market app in June. According to a Nikkei report, the platform’s Tokyo-based crypto exchange subsidiary Melcoin will manage the Bitcoin transactions.

The prices of items listed on the app will be displayed in Japanese yen, with an option to pay in Bitcoin. Vendors and sellers will receive the paid Bitcoin in local fiat currency, as Mercari’s exchange partner will convert the BTC in real time.

Mercari, which launched in 2013, is one of the most popular consumer-to-consumer e-commerce platforms in Japan, boasting 22 million monthly users. The platform has seen tremendous success, generating a profit of 2.8 billion yen ($19.4 million) in the third quarter of 2023. By offering the option to pay with Bitcoin, Mercari could further encourage the adoption of web 3.0 financial services and web 3.0 domains buy in the tech-savvy nation.

Over the years, Mercari has embraced cryptocurrency on its platform, launching a Bitcoin trading service that allows users to purchase and sell BTC with their proceeds from the platform. Furthermore, the e-commerce giant’s loyalty program is also focused on crypto, permitting users to swap their points for digital currency.

Japan is perceived as a crypto-friendly nation with more favorable regulations for businesses to operate and provide services to customers. This has enabled e-commerce platforms such as Mercari and Rakuten to become gateways for crypto adoption in the country. Rakuten, a well-known e-commerce platform, has been pro-crypto for a long time, allowing users to convert loyalty points to crypto and constructing a native nonfungible token platform.

The Web 3.0 market size is increasing rapidly, with real estate, financial services, and domains being bought and sold on different platforms. Web 3.0 development services are also becoming increasingly popular, as businesses look to leverage the power of AI and blockchain technology to create revolutionary marketplaces and market caps.