The adoption of the digital currency Bitcoin is accelerating globally. In Japan, the number of stores accepting Bitcoin is projected to reach 20,000 within the year—a fivefold increase from current figures. With over 100,000 merchants already supporting Bitcoin payments worldwide, this trend is rapidly expanding. To cater to the growing number of international visitors, an increasing number of Japanese businesses are integrating Bitcoin payment options.
Growing Adoption in Retail and E-Commerce
ResuPress, the company behind the "Coincheck" platform, offers services that support offline Bitcoin transactions. According to their data, as of the end of 2016, around 4,200 stores in Japan accepted Bitcoin—a significant increase from the previous year. These include restaurants, bars, and various e-commerce platforms.
In late 2016, ResuPress launched a pioneering service that allows consumers to pay electricity bills using Bitcoin. The company is also exploring extensions to gas and water utilities. Their goal is to expand the number of Bitcoin-accepting outlets to 20,000 by the end of the year.
Major exchanges are also entering the payment space. bitFlyer, which handles nearly 60% of domestic Bitcoin trading volume, introduced a Bitcoin-enabled e-commerce site in April 2016. Within six months, sales on the platform increased tenfold. Similarly, Tech Bureau, operator of the Zaif exchange, has begun promoting Bitcoin payments on shopping sites.
How Bitcoin Payments Work
Bitcoin can be purchased on specialized exchanges using fiat currencies like the Japanese Yen. Users store their Bitcoin in a digital wallet. At the point of sale, customers simply scan a QR code displayed by the merchant using their smartphone. The equivalent amount of Bitcoin is then deducted from their digital account. Transaction fees for users are minimal, often just a few yen.
User Demographics and International Trends
While it's commonly assumed that Bitcoin users are predominantly foreign—especially Chinese—domestic users in Japan are growing steadily. bitFlyer reports that the majority of users on their e-commerce platform are Japanese men between the ages of 20 and 50.
Globally, Bitcoin adoption continues to expand. Despite concerns about its use in illegal activities such as money laundering, the number of Bitcoin wallet holders has surpassed 13 million. Over 100,000 merchants, particularly in Europe and the United States, now accept Bitcoin. Its borderless nature allows for real-time international transactions without currency exchange—a major advantage for tourists and international businesses.
With the Tokyo Olympics approaching in 2020, creating a Bitcoin-friendly environment has become a priority for Japanese businesses and regulators.
Regulatory Support and Security Enhancements
The number of Bitcoin users in Japan is estimated to be in the hundreds of thousands and continues to rise. Starting in July, the consumption tax on virtual currency purchases will be abolished, reducing the financial burden on users.
Additionally, revised legislation under the Payment Services Act will come into effect in the spring. These changes will require virtual currency exchanges to register with authorities, improving security and consumer protection. 👉 Learn more about secure payment methods
Frequently Asked Questions
Why are Japanese businesses adopting Bitcoin?
Many businesses are implementing Bitcoin payments to attract international tourists and tech-savvy consumers. Low transaction fees and borderless transaction capabilities make it an attractive alternative to traditional payment systems.
Is it safe to use Bitcoin for everyday transactions?
While Bitcoin transactions are generally secure, users should purchase and store Bitcoin through reputable and fully registered exchanges. Enhanced regulations in Japan are making the ecosystem safer for consumers.
How can I start using Bitcoin in Japan?
You can buy Bitcoin through a registered exchange, store it in a digital wallet, and use it at participating stores by scanning a QR code during checkout. 👉 Explore beginner-friendly guides to digital currencies
What is the future of Bitcoin in Japan?
With supportive regulations and growing merchant adoption, Bitcoin is likely to become more integrated into Japan’s retail and financial landscape, especially with upcoming international events like the Olympics.
Can Bitcoin be used for utilities and services?
Yes, some companies already allow Bitcoin payments for electricity, and there are plans to include gas and water services in the future.
Are there fees for using Bitcoin?
Transaction fees are typically much lower than those for credit cards or international money transfers, making Bitcoin a cost-effective option for many users.