Mercari to introduce Bitcoin payments in flea market app, plans to expand services by June = Report

Mercari to implement Bitcoin payment

Mercari, Japan’s largest flea market service by number of smartphone users, announced on the 5th that it plans to allow the use of the crypto asset (virtual currency) Bitcoin (BTC) to purchase products on the app by June. The Nikkei Shimbun reported.

Up until now, Mercari’s Bitcoin trading service has allowed users to buy and sell Bitcoin using sales proceeds and points, and charge the proceeds to their Merpay balance and turn them into cash. Coins can now be used for payment.

Product prices within the flea market app are displayed in yen, but you can select Bitcoin as your payment method when making a purchase. Behind the scenes, Mercari’s subsidiary Melcoin Co., Ltd., which develops blockchain-related services, converts Bitcoin into yen and sends it to the seller.

Mercari’s Bitcoin trading service has surpassed 1 million users in just seven months since its launch in March 2023. As of June 28 of the same year, approximately 80% (79%) had no experience with crypto assets, establishing itself as a new gateway to Bitcoin investment.

According to the company, about 60% of users who purchased Bitcoin have a Merpay balance and are easily managing their assets. Mercari has over 22 million monthly users (as of July 2023), suggesting the potential for further growth.

connection:Mercari and Rakuten Wallet point investments have emerged as gateways to crypto assets and Bitcoin trading.

Fee and tax settings

When paying with Bitcoin, buyers incur an effective buying and selling fee called a “spread.” Spread is the cost associated with the difference in purchase and sale prices.

In addition, taxes may be applied to profits generated when selling Bitcoin, and if the exchange rate with the yen has increased compared to when Bitcoin was purchased, the difference will be considered a capital gain and Taxes may be levied on the person.

You can check the taxable profits and losses from the transaction history in the app, and you can also download the transaction report. According to Mercari’s own media, the following cautions are being asked regarding filing tax returns and paying taxes on sales profits.

In recent years, Mercari has been working to develop a comprehensive financial app. Merpay can be used not only within Mercari but also at convenience stores, restaurants, and other stores nationwide, and offers a variety of payment options, including an instant money transfer function between users and offline QR code payments.

This week, Mercari began supporting areas affected by the Noto Peninsula earthquake through its “Mercari Donations” feature. The donation will be made to the “Reiwa 6 Noto Peninsula Earthquake Support (Nippon Foundation),” and all donations will be used to support the affected areas. With Mercari Donation, you can donate a specified percentage of your sales profits when a transaction is completed.

connection:Mercari’s Bitcoin trading service starts a campaign where you are guaranteed to receive additional Bitcoin with your first Bitcoin purchase

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