Mercari to Introduce Bitcoin Payments, Boosting Digital Marketplace with Cryptocurrency Integration

Mercari to Introduce Bitcoin Payments, Boosting Digital Marketplace with Cryptocurrency Integration

Crypto News – Mercari, a prominent digital flea market platform in Japan boasting over 22 million active monthly users, is on the cusp of a major update. As reported by Nikkei, the platform is gearing up to introduce Bitcoin as a payment option by June of this year. This significant shift will enable users to purchase products using Bitcoin, the leading cryptocurrency in terms of market capitalization.

The implementation of Bitcoin payments will be managed by Melcoin, Mercari’s blockchain subsidiary based in Tokyo. Although product prices on Mercari will continue to be displayed in Japanese yen, the app will facilitate payments in Bitcoin, offering users a seamless integration of cryptocurrency into their shopping experience.

Melcoin is set to act as a crucial intermediary in this new system. It will convert Bitcoin payments into yen for sellers, applying transaction fees akin to those in traditional fiat currency transactions. However, it’s still unclear whether the fees charged to users will mirror those in regular sales.

Expanding its foothold in the cryptocurrency market, Mercari launched its own Bitcoin exchange in March 2023. Through this exchange, accessible via the app, users can purchase Bitcoin using various sources of funds, including bank account balances, proceeds from sales, and points accumulated from selling activities on the platform.

Since its inception in 2013, Mercari has shown impressive growth. In its latest earnings report, the company announced a profit of 2.8 billion yen (approximately $19.4 million) for the third quarter of 2023. This marks a significant increase from the 555 million yen profit reported in the same period the previous year. Additionally, the company’s revenue surged to 44.27 billion yen in the same quarter, recording an 11.2% growth year-on-year. This expansion into Bitcoin payments is a testament to Mercari’s commitment to evolving with the digital marketplace and embracing new technologies.