The Japanese electronics retail giant, Yamada Denki has launched the bitcoin payments. The move has been made in response to another Japanese electronics retailer Bic Camera’s bitcoin option, last year.
Japanese electronics retail giant launches bitcoin option
Yamada Denki is one of the major Japanese consumer electronics retailers that has come into partnership with cryptocurrency exchange bitFlyer. The move has been an attempt to add bitcoin payments service in its two stores.
As per the media sources, the launch has been this weekend only. One of the two stores of Yamada Denki that will receive this service is located in Shinjuku. Shinjuku is in Tokyo that attracts a large number of foreign visitors. As for the other store, it is basically adjacent to the main business district of Tokyo.
In response to this big announcement the company said:
“In addition to diversifying [our services], we will implement initiatives to improve bitcoin recognition and usage promotion.”
The idea behind the launch of bitcoin payment system is to respond to the diverse needs of the Yamada Denki’s customers that are not only in Japan but also overseas.
The company mentioned:
“We believe that we can provide improved service and convenience.”
The settlement limit of bitcoins that have been set by the company is equivalent to 300,000 Japanese yen per account that is about $2,760. As per the Bitcoin Price Index of CoinMarketCap, the price of bitcoin is $11, 255 at the time.
Bic Camera and Mauri has already launched bitcoin payments
The big move made by the company has been in response to the Bic Camera’s announcement to accept bitcoins, in last April. Bic Camera is a Japanese electronics retailer that said it will test a brand new PoS i.e point-of-sale system, that too in partnership with bitFlyer. This system will basically allow its customers to purchase goods with bitcoin.
In July, the company also mentioned that it is bringing the bitcoin payment option to all of its stores, present nationwide.
Moreover, the similar step has been taken by a department store chain, Marui, in August. This Tokyo based store chain tested bitcoins as a payment at one of its stores, located in Shinjuku. The cap for this trial was of $900 on bitcoin transactions.
The step has been taken just days after the hack of Coincheck exchange. So, it would be interesting to see which firm would be next to take a bitcoin step? What do you think, Let us know your thought in comments below.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.