Yamada Denki, one of Japan’s largest consumer electronics retail chains, has begun accepting bitcoin payments at its two Tokyo-based stores before a planned nationwide rollout in all its stores.
Launched over the weekend, the retailer is now accepting bitcoin at a store based in Shinjuku, a major commercial center that houses the one-half of the world’s busiest railway station and location that attracts plenty of foreign visitors according to the retailer. The second store is located adjacent to Tokyo’s primary business district.
The retailer expressed its support for bitcoin adoption among consumers, stating:
“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.”
Yamada Denki has set a limit of 300,000 yen ($2,670) per account when using bitcoin payments. To enable bitcoin payments, the retailer has partnered with bitFlyer — a major Japanese bitcoin exchange and services firm — and use bitFlyer’s point-of-sale (POS) payments infrastructure.
Upon announcing the partnership, bitFlyer revealed a marked increase of bitcoin-accepting retail stores whose transactional settlements exceeds tens of millions of yen per month.
“[T]hrough collaboration with Yamada Denki, we are improving convenience for more customers in Japan and overseas,” bitFlyer stated in its press release.
Yamada Denki’s decision to accept bitcoin comes after competitor and electronics retailer Bic Camera announced its own trial to accept bitcoin — also in partnership with bitFlyer — in April last year. The trial proved beyond successful. Later in July, a “more-than-expected” popularity of bitcoin payments spurred Bic Camera into accepting bitcoin payments across all of its 40 stores nationwide.
*Featured Image via Bit-Media
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