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.
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