Yamada Denki, the biggest electronics retail chain in Japan, will now accept Bitcoin payments at two of its stores in Tokyo. The platform, which was launched over the weekend, will see Bitcoin payments accepted at its store in Shinjuku, which is a major commercial center and home to half of the busiest railway station in the world. This location was chosen partly because it attracts many foreign visitors all year. The second location is located close to the main business district of Tokyo.
According to a statement released by the store, expressing its support for Bitcoin, it said,
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.
There Are Limits
Bitcoin payments will come with a 300,000-yen cap or about $2,760, which is still quite significant. To make this a success, the retailer collaborated with BitFlyer, a major regulated Bitcoin exchange that operates in Japan. The retail giant provided its point-of-sale infrastructure to ensure payments are a success.
While it is only going to make Bitcoin payments possible at the tow stores, the retailer stressed that its mission is to launch the new payment method throughout its stores in the nation. While announcing that partnership, Bitflyer revealed there had been a major increase in retail stores in Japan that accept Bitcoin. It added that these stores had transaction volumes exceeding tens of millions of yuan monthly. In its press release, BitFlyer noted,
Through collaboration with Yamada Denki, we are improving convenience for more customers in Japan and overseas.
Bitcoin Acceptance Is Not New in Japan
The initiative by Yamada Denki is in keeping with what its competitors are doing. Bic Camera, a major competitor of Yamada Denki, has already rolled out its own trial version of Bitcoin payment acceptance. It will also be collaborating with BitFlyer to make the rollout a success.
The Bic Camera trial, which launched in April 2017, proved to be quite a success. By July of that year, the trial had proved so successful that the retailer began to accept Bitcoin payments at all its 40 stores.
The acceptance of Bitcoin payments goes beyond Japan. In South Korea, Wemepu, the largest e-commerce store in the country, launched Bitcoin payments and 11 other altcoins. On the store, major coins such as Litecoin and Ethereum will be accepted. To roll out its payment platform, the store collaborated with one of the largest cryptocoin exchanges in the country, Bithumb. It is quite clear that the vision of Satoshi Nakamoto, to make Bitcoin a form of payment, is coming to life through such initiatives.
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