Japanese Retail Giant Now Accepts Crypto Payments

One of the largest consumer electronics retail chains in Japan, Yamada Denki, has launched bitcoin payments in two of it’s Tokyo stores before a nationwide rollout in all its stores.

The retailer is now accepting bitcoin at a store based in Shinjuku, a major commercial center that houses one-half of the world’s busiest railway station and location that sees plenty of foreign visitors according to the retailer. The second store is located adjacent to Tokyo’s primary business district.

The retailer noted increasing bitcoin adoption among consumers, saying:

“In addition to diversifying means, we will implement initiatives to improve bitcoin recognition and usage promotion. With the introduction of bitcoin payment service, we respond to the diverse needs of our customers both in Japan and overseas.”

 

The retailer has partnered major Japanese bitcoin exchange bitFlyer to enable bitcoin payments using the latter’s point-of-sale (Pos) payments infrastructure. Payments in bitcoin will be capped at 300,000 yen ($2,670). While testing bitcoin payments at the two stores, Yamada Denki reiterated it’s commitment to nationwide deployment.

As soon as the announcement was made, bitFlyer noted a marked increase of retail stores whose transactional settlements exceeds tens of millions of yen per month requesting a bitcoin payment solution.

bitFlyer said in it’s press release:

“Through collaboration with Yamada Denki, we are improving convenience for more customers in Japan and overseas,”

Accepting bitcoin as a payment solution is gathering impetus after electronics giant Bic Camera announced its own trial to accept bitcoin – also in partnership with bitFlyer – in April last year. The trial proved very successful. After the trial the wild popularity of bitcoin payments spurred Bic Camera into accepting bitcoin payments across all 40 stores nationwide in July of last year.

Also this week. South Korea’s largest e-commerce platform Wemepu launched bitcoin payments alongside 11 other cryptocurrencies including ethereum and litecoin, following a partnership with major Korean cryptocurrency exchange and services provider Bithumb.

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