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Japan retailers pave the way for mass crypto adoption in the country


www.chepicap.com 04 February 2019 12:10, UTC
Reading time: ~2 m

Japanese retailers to integrate crypto payment system soon, mass adoption could be just around the corner. 

Despite the stricter stance towards cryptocurrency taken by the country’s financial regulator, Japan is still one of the few countries that can be the pioneer of the mass adoption of cryptocurrency.

Among the industries in the country, the use of crypto in the e-commerce sector to date is said to be the most promising, as reported by Coinnounce.

To give an idea, here’s what several of the major retailers in the country have done when it comes to adopting crypto:

- Rakuten

With more than 95 million registered users that are actively using the platform, Rakuten has plans to integrate the crypto payment system, allowing users to pay with Bitcoin as well as other cryptocurrencies.

If the plan eventually comes to a realization, it is not too much to expect for country-wide use of crypto as the competitors will likely follow Rakuten’s move to stay competitive.

- Line

The instant messaging platform already has its native token that can be used to purchase games and apps within the app, as well as proceed payments between users.

Despite the fact that 90% of Japanese are using Line regularly, most of them still prefer to use banknotes and coins for daily transactions.  

With Line’s plan to use the token, or possibly create other cryptos for use outside the platform, for example to buy groceries or food at shops, it’s very likely for the mass adoption to take place, sooner or later.

- GMO Internet

The company is one of few companies that give the option to their employees to receive their salary in Bitcoin. While it’s unclear if they’re still doing it, it was indeed a bold move, something that will show that it’s actually doable.

- Yamada Denki

The electronic retailer was reported to partner with crypto exchange, BitFlyer to add BTC payment service in two of its outlets.

- Bic Camera

The consumer electronic chain’s customers can purchase using Bitcoin in all Bic Camera’s stores in the country.

- L’Operaio

Crypto millionaires can purchase luxury cars using cryptocurrencies in any of L’Operaio’s stores.

- Recruit Lifestyle

Their deal with CoinCheck has made it possible for people to pay with cryptos in 260,000 commercial facilities, food outlets, drug stores and other retailers all across Japan.

Will Japan be the first country to see mass use of cryptocurrency? As always, stay with Chepicap for updates from the crypto space.

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