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Wednesday, April 12, 2017

Media Frenzy in Japan as Bic Camera Starts Accepting Bitcoin

Media Frenzy in Japan as Bic Camera Starts Accepting Bitcoin recently reported about the partnership between Bitflyer and Bic Camera for two of Bic Camera’s stores in Tokyo to accept Bitcoin payments. Starting on Friday, customers can pay using bitcoin at the Bic Camera store in Yurakucho district, and at Bicqlo Bic Camera store in Shinjuku East. The latter is a hybrid outlet with a giant casual wear designer, manufacturer, and retailer, Uniqlo. Bic Camera executives say more stores could also start accepting bitcoin.

“You can use Bitcoin at most 100,000 yen for one payment. Other payment methods can be used with Bitcoin together,” according to a Bic Camera’s promotional leaflet for Bitcoin payments. Customers can also collect reward points just as they would using cash.

The event has been covered by major Japanese media outlets including Nikkei and Asahi Shimbun newspapers, as well as a large number of media publications worldwide. In addition, Japan’s national public broadcasting organization, NHK, has also aired a segment of the event. Bic Camera executives expect foreign travelers to be among the first to use bitcoin for payments but the number of local Japanese users are also expected “to rise eventually,” NHK reported.

Ken Shishido, one of the organizers of the Bitcoin Tokyo meetup group, describes Bic Camera stores as a “Best Buy type of electronic shop.” At the premier on Friday, Bitflyer CEO Yuzo Kano spoke to the crowd and, according to a tweet by Shishido, he was “surrounded by 28 media crews at Bic Camera.”

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