Japanese bitcoin trade bitFlyer intends to join forces with Mitsui Sumitomo Insurance to offer dealers a way to get paid for failed exchanges involving the virtual money.
According to the Nikkei Asian Review, it is expected that two large retailer groups will start accepting Bitcoin as early as April 2017. With Bic Camera, a large electronics retailer starting a trial run at their Yurakucho district store. Bitcoin can also be used at the Shinjuku Bicqlo Bic Camera, the hybrid store shared between the electronics retailer Bic Camera and the Clothing giant Uniqlo.
Bitcoin start-up, Coincheck, is also set to offer comparable protection for vendors, with its trust Tokio Marine & Nichido Fire Insurance. They are starting a pattern toward urging dealers and retailers to embrace bitcoin as a strategy for instalment.
The protection group taking off will be the first of its kind in Japan.
The offer from the Tokyo digital money trade and the MS&AD Insurance Group Holdings will cover damages if a client’s instalment doesn’t process effectively due to framework issues or other issues.
Coincheck, another Tokyo virtual cash trade administrator, is also adapting to offer protection by collaborating with Tokio Marine and Nichido Fire Insurance, a Tokio Marine Holdings group backup.
The shipper protection offered will now be relevant to any resemblance of Bic Camera, a Japanese gadgets retail chain that started tolerating bitcoin instalments in April, after new enactment that perceived bitcoin as a legitimate method of payment in the nation.
When Coincheck reveals its dealer protection benefit, Japanese retailer Recruit Lifestyle – who has also been tolerating bitcoin since April – will be among the guaranteed customers.
Recruit Lifestyle’s partnership with Coincheck will enable retailers who have the AirREGI application to accept Bitcoin. AirREGI allows customers to pay just by simply scanning a barcode. As for retailers, all they need is an iPhone or iPad with an Internet connection to enable them to process payments.
It is expected that Bitcoin, which is used by many foreign visitors will also lead to a further boost in tourist spending in Japan. AirREGI’s Bitcoin payment option will be introduced in the Summer of 2017 and it will be possible to use Bitcoin at more than 260,000 stores.