Mercari to offer Bitcoin payment function for flea market app shopping

Mercari starts accepting Bitcoin payments

It has been revealed that Mercari users will be able to use the Bitcoin (BTC) they hold within the app to pay for products starting February 15th. With this new feature, you can easily purchase over 3 billion Mercari products with Bitcoin.

This service is provided by Melcoin Co., Ltd., a subsidiary of Mercari Co., Ltd. Melcoin is responsible for the development and planning of crypto assets (virtual currency) and blockchain technology.

Source: Mercari Co., Ltd.

Bitcoin payment options are now treated like points on Mercari's purchase screen, automating the previously required manual selling of Bitcoin and having the proceeds reflected in your account balance. This allows them to be used in combination with points and sales proceeds.

Behind the scenes, when you choose to purchase with Bitcoin, your Bitcoin will be automatically sold and the resulting funds will be added to your Merpay balance.

Melcoin started its Bitcoin trading service in March 2023, and the number of users exceeded 1 million in just 7 months. According to a survey by MMD Research Institute, it was ranked first in “Crypto Asset Trading Services Launched in 2023.''

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

On the other hand, according to a user survey conducted in December 2023, only 45.7% of users understand how to use and purpose their Bitcoins, and there are many people who do not know how to use the Bitcoins they own. I understand.

Mercari started offering this payment function in order to deepen the understanding of Bitcoin by actually using it, rather than just owning it, and to help people feel that Bitcoin is more familiar to them.

To use this payment function, you must have Bitcoin through Mercari's Bitcoin trading service. However, the use of this transaction service is subject to review, and due to age restrictions, users under 18 years of age and those over 75 years of age cannot use it.

Also, please note that new features will be provided to users in stages and will not be available on Mercari Shops.

Promote Bitcoin investment and consumption

Mercari's Bitcoin trading service is designed to be easy to use even for users who are not familiar with crypto asset trading, and has been successful in attracting new customer groups.

It is also believed that a new consumption pattern is emerging in which people use their Mercari sales proceeds to purchase Bitcoin, then sell the Bitcoin and return it to their Merpay balance, which is then used again for shopping on Mercari.

Bitcoin is expected to grow by more than 160% in 2023, and the market environment surrounding Bitcoin may also be influencing users' trading behavior.

Source: CoinMarketCap

By making it easier to use Bitcoin for everyday consumption activities, Mercari addresses a latent user need. Particularly in a bull market, users may trade even more quickly. Bitcoin hit a new all-time high in Japanese yen on the 15th, and is trading at 7.85 million yen on bitFlyer (at the time of writing).

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

Regarding taxable profits and losses

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 is 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.

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