Japan Railways Group is planning to integrate crypto payments in its payment options. According to mainstream television news network ANN News the railroad company is planning to establish a partnership with a crypto exchange and major bank to integrate cryptocurrency payments in its system.
JR Group is the biggest railway and subway operator in Japan. Its transportation is being used by millions on a daily basis. Details about the potential deal are vague, but it’s likely that JR Group wants to develop its own exchange or infrastructure for payments. This would make their technology less dependent on third parties.
Crypto adoption is strong in Japan, as its people are always on the forefront of technological innovation. The government has been cracking down on the crypto space with regulations, but this is now slowly making the country into a blockchain and crypto leader.
Last year retail company Rakuten acquired a bitcoin exchange, which is now placed under its subsidiary Rakuten Payments. It’s being speculated that Rakuten will incorporate cryptocurrency payments into its e-commerce platform.
Bic Camera, one of the largest electronics retailers in Japan, is also accepting bitcoin payments. They started doing this in the summer of 2018, while the market was becoming increasingly bearish. The retailer has seen a huge demand in bitcoin payment options, and therefore provided the service to its customers.
Yahoo’s Japanese branch is opening its own crypto exchange in May, while 61 Japanese banks started using a payment application build on the Ripple blockchain. At the same time game publisher Square Enix is also looking into blockchain technology, and Sony is working on hardware wallets. Japan is working hard to adopt cryptocurrencies into its daily life.
Also published on Medium.