Bitcoin continues to run wild, Japan's large department store chain Marui begins accepting Bitcoin payments

On August 7, Japan's large department store chain Marui has reached a cooperation with the Bitcoin exchange Bitflyer. Starting from August 7, Marui will become the first department store chain in Japan to accept Bitcoin payments.

Marui’s target audience is “young and fashionable people”

Marui is a popular Japanese department store chain that features high-end fashion brands, designers and boutiques, according to the Japan National Tourism Organization (JNTO). The department store chain is listed as one of the top seven shopping attractions on the JNTO website.

According to The Culture Trip, Marui is "a major department store chain in Tokyo and other large cities in Japan. Its iconic logo looks like '0101', which is pronounced 'Marui' in Japanese." The department store chain targets young, fashionable people between the ages of 20-35.

The company behind the department store chain, Marui Group, was founded in 1931 (officially incorporated in 1937). Currently, the group owns 31 department store chains in Japan.

Marui Shinjuku Store to Accept Bitcoin Payments

Last Friday, Marui Group announced that it had partnered with Bitflyer, Japan’s largest bitcoin exchange, to begin accepting bitcoin payments.

Initially, the group will test this payment method in only one of its malls, with the possibility of expanding to more malls in the future. It is reported that Marui Shinjuku Mall will accept Bitcoin payments between August 7 and October 31. This trial run is similar to the test conducted by Bic Camera in April.

Shinjuku is Japan's main commercial and administrative center, home to the world's busiest railway station and the Tokyo Metropolitan Government.

It is reported that initially, users can only use Bitflyer's wallet to pay with Bitcoin at Marui Shinjuku Mall. Users can scan the store's QR code through the camera of their smartphone, and "the transaction will be resolved within seconds," Bitflyer said.

To celebrate this event, Bitflyer will offer a 1,000 yen bonus to 10 customers who make payments using Bitcoin (amounts over 3,000 yen).

Bitcoin Acceptance Continues to Grow in Japan

In April this year, the Japanese government began to recognize Bitcoin as a legal payment method. Since then, more and more stores have begun to accept Bitcoin. Recently, Bitflyer has helped Bic Camera launch a Bitcoin payment option. In addition, the number of merchants that cooperate with Bitcoin payment processor Coincheck is increasing. It is expected that 2.6 million stores will use Coincheck to accept Bitcoin payments this year.

What do you think about Marui accepting Bitcoin payments?