Following the two giants of Lotte and Bic Camera, the Japan Railway Group plans to accept cryptocurrency payments.
According to CCN's March 29 report, Japan's largest railway and subway operator, Japan Railway Group (JR), which is carrying millions of passengers a day, is considering using encryption assets such as Bitcoin as payment options.
According to ANN, the Japanese mainstream commercial television news network owned by Japan TV News Group, the group is currently planning to establish a cryptocurrency company, most likely an exchange with a major bank to integrate cryptocurrency.
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Significantly increase the size of cryptocurrency and bitcoin adoption
If JR Group integrates encryption technology into the Suica, it is likely to be the largest case of cryptocurrency used in retail and mainstream markets to date. The Watermelon Card is an electronic travel card issued by JR and can be used for various payments such as transportation and shopping.
According to reports from the ANN news and the JR Group's intention to establish a new cryptocurrency company, the group may plan to create its own exchange or infrastructure to handle payments, similar to Lotte.
Last year, Lotte, Japan's largest e-commerce company, known as "Japan Amazon", acquired a bitcoin transaction (EveryBody's Bitcoin) for $2 million. Currently, the exchange is part of its subsidiary Rakuten Payments. Local analysts speculate that Lotte's move may be to integrate encrypted payment options into its platform in the future without having to transfer profits to third parties such as cryptocurrency exchanges or payment service providers.
Similarly, by creating its own company, JR Group will be able to expand into a new profit channel that earns transaction fees by processing cryptocurrency payments.
The JR Group is likely to create cryptocurrency exchanges, indicating that the addition of cryptographic payment options means that JR expects enough user demand and new company creations are in line with market developments. In addition, the JR Group may consider integrating into the cryptocurrency created by the leading financial institution Mizuho Bank, which is currently developing a new cryptocurrency. Japan is the ideal market for JR Group to integrate cryptocurrencies because of the high level of awareness of cryptocurrencies in mainstream society.
Recently, Bitwise Asset Management reported in a report to the US Securities and Exchange Commission that 95% of the transactions in the encryption market are false, and only a few exchanges have real daily trading volume. Of the 10 exchanges with actual Bitcoin transactions of more than $1 million per day, 9 are located in the United States, and the remaining one is Japan's largest cryptocurrency exchange, BitFlyer.
Japan remains the world's second-largest cryptocurrency market, thanks in large part to the forward-looking and open-minded attitude of Japanese regulators on cryptocurrency and blockchain technology.
Japan is leading the way in the adoption of cryptocurrency
Bic Camera, Japan's largest electronics retailer, has accepted bitcoin payments for more than a year. In the middle of 2018, when the encryption market was lowered by 85%, it revealed an increase in the use of Bitcoin in stores across Japan.
Masanari Matsumoto, head of public relations and investor relations at Bic Camera, said:
When Bic Camera first installed the Bitcoin payment system in the store, we expected to use most of the customers. We noticed that Bitcoin is becoming more and more popular, and the government has announced that it is officially legal, so we finally decided to use Bitcoin as a payment method for the store. Bic Camera is always committed to meeting the needs of its customers, and Bitcoin payments have huge market demand.
In the coming months, as Japanese big companies participate in the cryptocurrency industry, the adoption of commercial adoption and cryptocurrency is expected to grow.
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