BitFlyer Helping Out 48,000 Online Merchants Accept Bitcoin

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BitFlyer Helping Out 48,000 Online Merchants Accept Bitcoin

Merchants and customers in Japan are going to have good days ahead after the decision by GMO Internet that it would allow GMO’s 48,532 Japanese merchants to accept Bitcoin by November of this year is around the corner. The announcement says that GMO Internet’s payment solution, the GMO Payment Gateway, will soon have Bitcoin functionality.

The functionality will come along with credit card and bank transfer options as well; thus, clients or customers both are not going to have issues whether they are opting for traditional currencies or digital currency. Nonetheless, BitFlyer which was created by former Goldman Sachs trader Yuzo Kano in December of 2013 is definitely transforming the Bitcoin ecosystem.

BitFlayer’s Partnership with GMO Payment Gateway or GMO-PG

GMO Payment Gateway has partnered with bitFlyer to provide its 48,000 online merchants the option to accept Bitcoin. Thus, it is going to be a landmark partnership for both the companies, particularly, GMO-PG which was formed in 1995. The Company specializes in providing payment services to e-commerce platforms and mobile content providers.

In his statement to media BitFlyer CEO Yuzo Kano said that the partnership is a “business-and-capital alliance” that will result in the creation a first-of-its-kind Bitcoin settlement service in Japan. According to him this will be done while creating a safer and more convenient domestic e-commerce environment.

He further said that this service will enable miscellaneous goods such as consumer electronics devices offered by Internet-based virtual retailers, digital content such as music and games, and other items to be purchased using Bitcoin. There are more than 48,000 merchant customers, all of which will have the ability to start accepting Bitcoin this November.

GMO-PG Makes Undisclosed Investment in the Japan-Based Bitcoin Exchange

The partnership with bitFlyer, GMO-PG is not the only way forward for the company as it has also done undisclosed investment in the Japan-based Bitcoin exchange. Similarly, BitFlyer previously raised $1.6m in July with the goal of becoming the leading player in Bitcoin’s now-burgeoning market in Japan.

The two companies i.e. GMO-PG and BitFlyer have been investing heavily in Bitcoin as they both know there is a lot of scope in the digital currency. Embracing Bitcoin by GMO is towards expanding its influence beyond its home market to others in Southeast Asia. Though it is facing competition from Alibaba’s popular Alipay service, embracing Bitcoin will give it an edge.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com