Japanese Electronics Retail Giant Launches Bitcoin Payments..
Major Japanese consumer electronics retailer Yamada Denki has partnered with cryptocurrency exchange bitFlyer to add a bitcoin payments service in two of its stores.
Launched this weekend, according to a press release, one of the stores to receive the new service is based in Shinjuku, an area of Tokyo that attracts large numbers of foreign visitors. The other store is adjacent to Tokyo's main business district.
The company said:
"In addition to diversifying [our services], we will implement initiatives to improve bitcoin recognition and usage promotion."
With the launch of the bitcoin payment system, the company indicated it aims to respond to the diverse needs of its customers both in Japan and overseas. "We believe that we can provide improved service and convenience," it said.
Yamada Denki has set the settlement limit of bitcoins equivalent to 300,000 Japanese yen ($2,760) per account. Bitcoin is trading around $11,200 (1,218,016 JPY) at the time of writing, according to CoinDesk's Bitcoin Price Index.
The moves comes after another Japanese electronics retailer, Bic Camera, said last April that it will test a new point-of-sale system (PoS) that will allow customers to purchase goods with bitcoin, also in partnership with with bitFlyer. Later in July, the firm said that it is expanding a bitcoin payment option to all of its stores nationwide.
And, in August, Tokyo-based Marui, a department store chain, tested bitcoin payments at one of its locations in Shinjuku. The trial set a cap of ¥100,000 (about $900) on bitcoin transactions.
Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in bitFlyer.
Editor's Note: Statements in this article have been translated from Japanese.
Sources
https://www.coindesk.com/japanese-electronics-retailer-launches-bitcoin-payments/
wow great news...
WOW What a great news For the Cryptolovers.
Japanese have put crypto to great use. My only question is how will they fix the rate for a product with the volatility of the currency
the rate might be fixed with japani yuan or usd.and the software should be able to convert the most recent price of bitcoins to the phsical currencies...
This is very good news for Bitcoin, but I think at this moment in time it would be a better idea to add other cryptos that are faster, cheaper, can handle more transactions per second, etc. Just my 2 cents : )
Now world is focusing on Blockchain technology
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