Famous Electronics Retailer Starts Accepting Bitcoin
Recently, Japan has officially announced that the country has finally legalized trading using Bitcoin and that they are expecting 260,000 merchants to participate with regards to this amazing news. One of the companies who immediately responded to this is Bic Camera.
Bic Camera Inc is a consumer electronics retailer chain in Japan. Currently, it has 41 stores in Japan. It has a 15% stake in Best Denki and a wholly owned subsidiary, Sofmap.
Bitcoin payment processor bitFlyer is partnering with a Japanese electronics retailer to test a new point-of-sale system (POS) that will allow customers to purchase goods with bitcoin.
The company, Bic Camera, sells consumer electronics such as cameras, computers and dishwashers at more than 40 stores domestically. As a result of the integration, customers can now choose to pay with bitcoin for purchases up to a limit of ¥100,000 (around $900).
As with other bitcoin payment processors, the POS system developed by bitFlyer will allow the store to accept the digital currency and will immediately convert funds to yen. The stores are then charged a 1% service fee on transactions.
BitFlyer claims stores will receive their fiat funds the next day, which it contends is beneficial to smaller stores that need daily cash liquidity to finance operations.
The announcement comes during a period of heavy activity for Japan’s bitcoin market, which recently saw the recognition of bitcoin as a legal means of payment by the government.
Fellow Japanese payment processor and exchange Coincheck also announced a deal yesterday that will put its bitcoin accepting point-of-sale system in up to 260,000 brick and mortar businesses nationwide, an announcement that showcases the new momentum for the local industry.