Cryptocurrencies Poised to Disrupt In-Store Payments in APAC, says GlobalData


Cryptocurrencies are traditionally viewed as investment avenues for discerning and high returns, and mostly been singular to trade purposes. However, as they continue to advantage substantial belligerent in Asia-Pacific (APAC), several companies are now looking to precedence the high user bottom and try the other probable use-cases, says heading information and analytics association GlobalData.

Reportedly, Japan and South Korea are among the tip 3 markets globally, along with the US, for cryptocurrency trades. As of Jan 2018, scarcely one third of tellurian bitcoin sell were made with Japanese Yen and South Korea accounted for around 35% of tellurian Ethereum trading.

Sowmya Kulkarni, Payments Analyst at GlobalData, says: “The light arise in cryptocurrency acceptance at businessman locations can be seen as an arriving trend in the region, with merchants increasingly opting for this process of remuneration due to advantages such as reduce transaction fees, no chargebacks, and cheaper remuneration acceptance from unfamiliar tourists.”

Large merchants such as Bic Camera and Yamada Denki in Japan and Goto Mall in South Korea are now usurpation payments with cryptocurrencies, which is approaching to pull many more peers to look at usurpation cryptocurrency payments.

Most recently in Mar 2018, Bithumb – a cryptocurrency exchange in South Korea – partnered with Korea Pay Services to capacitate 6,000 sell outlets opposite South Korea to accept cryptocurrency payments. Earlier in Apr 2017, Coincheck – a cryptocurrency sell in Japan – partnered with Recruit Lifestyle to hurl out the bitcoin-enabled POS app AirREGI opposite 260,000 businessman stores in Japan.

The continued growth of the cryptocurrency marketplace has captivated substantial seductiveness from regulators in Japan, Australia and South Korea. The new regulatory initiatives are approaching to yield a much-needed pull to dilate the use-case of cryptocurrencies.

“Cryptocurrency has traditionally been a subject of contention for the sensitivity and authenticity, with several attention experts not tab it as an choice to normal remuneration tools. This notice is changing with a vast number of merchants and consumers in the segment now gradually embracing it as a remuneration tool. Lower transaction charges compared to normal card-based payments could make cryptocurrencies a elite choice among merchants.

“In addition, merchants can also equivocate dear chargebacks as purchases through cryptocurrencies are one-way and irrevocable in nature. Customers also mount to advantage from cryptocurrency sell in the form of intensity pricing advantages from merchants, aloft security, and easy borderless payments. This form of payments is now apropos increasingly renouned among tourists, as they don’t attract unfamiliar sell charges,” concludes Sowmya.


For more information:

Analysts available for comment. Please hit the GlobalData Press Office:

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Email: [email protected]

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