After the successful trial, Japanese retailer Bic Camera decided to enable the bitcoin payment across all the stores in Japan from July 2017 itself.
As per the Nikkei report, The Tokyo-based Bic Camera is the largest chain of electronics in Japan to accept the bitcoin throughout the country. The successful trail for bitcoin acceptance as payment mode and popularity leads the Bic Camera to enable this payment system in all its 40 stores operating in the country.
According to the CCN report, Bic Camera runs his first trail of accepting bitcoin as payment in April from the retail group’s flagship store in Tokyo and many other. The purchase of ¥100,000 (approx. $900) has been allowed for the customers purchasing camera, laptops, and other electronic equipment’s.
Bic Camera partnered with bitflyer the Tokyo-based startup and the largest bitcoin exchange in Japan for the installation of PoS point-of-sale the payment gateway. bitflyer immediately convert the bitcoin into the local currency upon payment. The retailer receives the transferred funds in national currency by the next day for which the bitcoin exchange bitflyer charges 1% of service fee.
The previous month chief financial officer of bitFlyer Midori Kanemitsu announced that the retailer store accepting bitcoin are “expected to rise to 300,000” in 2017. Hereby the 8% of total tax was collected on the purchase of bitcoin in Japan this month, giving rise to the cashless payment system and attracting investors to itself.