Japanese Electronics Retail Titan Yamada to Accept Payments in BTC

Japanese Electronics Retail Titan Yamada to Accept Payments in BTC

Now shopaholics will be tempted to buy electronic goods even more as one of the largest user electronics retailer chains in Japan – Yamada Denki – starts accepting bitcoin funds for payment. And even if now the service will be available only its two stores, the company has grand ambitions for allowing its clients all over the world to pay for commodities with cryptos.

Enhancing Bitcoin’s Adoption

As it is mentioned in the company’s official statement, the project was implemented on January 27. To realize such ambition, the Japanese retail titan had to collaborate with the cyber money trading platform bitFlyer, so now the option of paying with BTC will soon be available in two Yamada Denki’s shops.

By the way, one of its depots, where people will be able to conduct payment using the crypto-coin, is located in Tokyo, in the special district (ward) of Shinjuku. The decision to establish the bitcoin-payment service there depended on the fact that this area is very appealing for foreign tourists. In the meantime, the second shop with such service is based in the capital’s top business area.

Explaining why it decided to launch bitcoin-payment, Yamada Denki said that the reason was not only in amplifying its services:

"In addition to diversifying [our services], we will implement initiatives to improve bitcoin recognition and usage promotion."

Limits & Plans

Nevertheless, the company is not going to stop only at two stores with available bitcoin-payment service. It has significant ambitions, as recently Yamada Denki announced about its plans to allow the clients to use BTC for remuneration even out of the country.

But now as these intentions have not been realized, the retailer has placed the settlement limit for BTC on one account. And that limit of bitcoins is equal to $2,760 (300,000 Japanese yen). By the way, according to Coinmarketcap.com, BTC is being traded at $10,500 (1.1 million of Japanese yen).

Notably, Yamada Denki is not the first retailer to accept BTC funds as payment. Last year spring Bic Camera, another country’s e-retailer, announced its decision to review a novel point-of-sale system in collaboration with the same exchange – bitFlyer. This option was expected to permit clients to buy commodities using the most known crypto coin in the world. In summer 2017, the company notified that it was spreading such payment service all over Japan.

Also, before the fall, a division store chain Marui checked out BTC remuneration in one of its shops in Tokyo.