A large consumer electronics company in Japan has announced that they will be working with one of the largest cryptocurrency exchanges in the world, to allow users to pay with Bitcoin in two of their consumer facing locations. The company, Yamada Denki, will be working with Bitflyer to conduct this initial process and will be rolling out this service in two of their locations, most likely as a test, before rolling it out to their other locations.
The company noted in their press release, that the first store will be located in the Shinjuku area of the larger city, Tokyo. This is an area that is usually visited by many tourists for the many attractions present there, according to wikitravel, the area is a hub of activity with huge business, commercial, and entertainment centers located atop the world’s busiest railway station complex.
Placing the first implementation of accepting Bitcoin at this location makes strategic sense for the company, as it will surely have exposure to more people within the city and the many travellers that frequent the city. The other location that they will be deploying this new service to, will be a location in the primary business district of the large city of Tokyo.
The company is seeking to add more to their services and have a further focus on Bitcoin in its operations.
Causes for Yamada Denki’s move
The company can use this opportunity to stay relevant and adapt to changes that are taking place in the country while catering to consumer sentiment and tastes. Furthermore, with integration of Bitcoin, they may be able to serve customers at home and abroad in a better way.
This is not the first company to have conducted such a move, accepting Bitcoin or having it as a part of it’s operations. Last year, we noted companies like GMO Internet, who have paid a portion of the salaries in the cryptocurrency.
Then, another example of using Bitcoin was put forth by Bic Camera, who has worked with bitFlyer to implement the acceptance of Bitcoin and has also noted that they will be seeking to roll out the service to more of its locations across the nation.
There are, of course, more companies that are rolling these programs out and accepting Bitcoin as payment or using it as payment because of the regulatory conditions in Japan. Bitcoin is accepted as legal tender and is looked upon in a more favorable manner by the government, so that it is not a concern for business to roll out and experiment with the currency in this blatant manner. The government of Japan has been quite clear in how they see the cryptocurrency and has backed up these statements with the proper legislation, thus taking out fear and concern of the regulatory nature among consumers and businesses in that region.
About Yamada Denko
The Yamada Denki Group originated as a private electric goods store established in 1973. Under “Creation and Challenge” and “Appreciation and Trust” as our management philosophy, we have constantly facilitated innovation for the sustainable growth and development of the company. We consider the time when we commenced business as the first start-up period, and the time when we changed ourselves from a community-based general shop to a mass merchandiser as the second start-up period. We are now in the third start-up period. With such awareness, we are adopting a proactive business approach while envisaging future development.
We aim to be an IoT* company with the largest service network in Japan through the cultivation of various solution businesses and other innovative business development, from the viewpoint of customers and based on a downstream perspective, as well as through proactive initiatives for continuously enhancing corporate value from the medium- and longterm perspectives.