Over the weekend one of the largest consumer electronics retail chains in Japan announced that they will begin accepting bitcoin payments.
Yamada Denki is currently allowing customers to purchase products at two Tokyo based outlets as part of a pilot program before implementing the change at all their locations throughout the country. One location is adjacent to Tokyo’s primary business district and the other is in Shinjuku which is also a major commercial center close to one of the biggest railway stations in the world. In order to effectively integrate bitcoin in their existing point-of-sale payments infrastructure, Yamada Denki will utilize the services of the Japanese bitcoin exchange and services firm bitFlyer. Bitcoin payments will be limited to 300,000 yen or 2,670 dollars.
Yamada Denki stated their commitment towards allowing bitcoin adoption for customer by elaborating:
“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.”
Upon the announcement bitFlyer also revealed that the number of retailers accepting bitcoin at levels that exceed ten of millions of yen per month is on the rise. Through collaboration with Yamada Denki, we are improving convenience for more customers in Japan and overseas,” bitFlyer added in a press release. All this comse on the heels of the revelations that Wemepu of South Korea would be accepting cryptocurrency payments in the near future.