260,000 Stores in Japan to Accept Bitcoin Payments

Bitcoin became a legal payment method in Japan on April 1. Just days later, two of Japan’s largest retailers partnered with bitcoin exchanges to begin accepting digital currency payments.

Bic Camera and Bitflyer

Bic Camera is a large electronics retail chain in Japan. They usually set up stores in areas with high traffic, such as train stations. Bitflyer is the largest Bitcoin exchange in Japan by trading volume.

According to the Nikkei report, the two companies have successfully established a partnership, and Bic Camera's two branches in Tokyo will begin accepting Bitcoin payments this Friday, using Bitflyer's payment system. The two flagship stores are the Yurakucho store and the Shinjuku Bicqlo store. The results of the trial at these two stores will directly determine whether the company will open Bitcoin payments at all its branches. The report mentioned:

The limit for Bitcoin payments is 100,000 yen ($904) per transaction. Consumers who pay with Bitcoin will also be able to earn points as if they paid in cash.

Recruit Lifestyle and Coincheck

Meanwhile, Coincheck, another major Japanese bitcoin exchange, has established a partnership with Recruit Lifestyle, a subsidiary of Japan’s Recruit Group. Coincheck said that they currently “have 99% of the bitcoin payment market share.”

By this summer, all stores using Recruit Lifestyle’s point-of-sale (POS) system Airregi, which is used by 260,000 retail stores in Japan, will accept bitcoin payments.

260,000 stores accept Bitcoin payments

Nikkei reported that there are about 4,500 stores nationwide that accept Bitcoin payments. Coincheck revealed in an interview in January this year that there are more than 5,000 merchants and websites that accept Bitcoin payments through their system.

Electronic money is very popular in Japan. In addition to cash payments, Suica and Rakuten's Edy are both popular electronic payment methods. Both are rechargeable, contactless smart cards. Suica is accepted in as many as 380,000 stores and can be used for trains; while Edy can be used in 470,000 stores across the country.

Coincheck said the partnership with Recruit Lifestyle “will add 260,000 stores that accept bitcoin payments.”

By this summer, 260,000 stores will accept Bitcoin payments.