Japan’s Largest Electronics Retailer Trials Payments Using Bitcoin

Japan’s largest retailer of consumer electronics, Yamada Denki, has announced a new initiative in which it would accept Bitcoin payments for products and services. The company has partnered with Bitflyer, which is Japan’s largest cryptocurrency exchange, in order to make its new initiative work. The company is initially accepting Bitcoin payments at two of its flagship stores in Tokyo, with plans to expand it to all Yamada Denki stores in the country soon.

The company first announced that they have started trails with Bitcoin on the 27th of January 2018. For the trials, they have roped in Bitflyer, who have a lot of experience with cryptocurrencies, being Japan’s largest digital currency exchange in terms of trading volume.

Yamada Denki is Japan’s largest consumer appliances retailer, with a chain of stores spanning the length and breadth of the country, according to data compiled by Japanese wireless operator NTT DoCoMo and Kenkyo Investing.

The company states,

“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. We believe that we can provide improved service and convenience.”

Some of the products sold by Yamado Denki, according to the guide, include, computers, tablets, cell phones, air conditioners, refrigerators and other kitchen and home appliances. They also sell a variety of home re-modelling items.

The two stores in Tokyo where the pilot project consisting of Bitcoins has started include the Yamada Denki Labi Shinjuku East Exit Pavilion and Concept Labi Tokyo.

The company has selected these locations for the trial as they attract a lot of foreign tourists which makes them an ideal area to test the integration of digital currencies with traditional currencies. There is a ceiling of 300,000 Yen ($ 2,760) if one uses the Bitcoin payment option for the purchase of goods and services from Yamada Denki.

The company feels that implementing this would help in the promotion of Bitcoin usage both in Japan and around the world. They also think that this would allow them to provide better customer service as well as higher customer engagement levels.

Another Japanese electronics chain Bic Camera had also partnered with Bitflyer in April 2017 to implement Bitcoin payments in its stores and is currently in the process of rolling out the service to all its 40 stores in the country.

The company feels that implementing this would help in the promotion of Bitcoin usage both in Japan and around the world. They also think that this would allow them to provide better customer service as well as higher customer engagement levels.

Another Japanese electronics chain Bic Camera had also partnered with Bitflyer in April 2017 to implement Bitcoin payments in its stores and is currently in the process of rolling out the service to all its 40 stores in the country.

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