Starting from 30 June 2017, the Tokyo-based start-up and Bitcoin exchange platform BitFlyer is providing insurance to retailers accepting the Bitcoin against possible payment problems.
BitFlyer has already launched an insurance policy for merchants accepting Bitcoins to protect them against possible attacks.
According to the Nikkei, the insurance package will be offered by Mitsui Sumitomo Insurance to merchants adopting the point-of-sale and/or bitcoin payments gateway infrastructure provided by Tokyo-based Bitcoin startup and exchange BitFlyer.
Coincheck, another competing Bitcoin startup is also set to offer similar kind of insurance policies for retailers in collaboration with Tokio Marine & Nichido Fire Insurance
This is a first in the country, Japanese merchants will now be covered in case of failed transactions involving Bitcoins. This new insurance policy covers its customers in case of transaction failure including any problem that might arise with payment terminals as well as transaction delays.
This new insurance policy offered by Bitcoin exchanges will encourage merchants to accept Bitcoins as a means of payment.
Bitcoins has become a widely accepted method of payment in Japan. Midori Kanemitsu, chief financial officer of BitFlyer, expects that up to 300,000 retailers will accept Bitcoin in Japan by the end of the year.
The merchant insurance offering will now be applicable to the likes of Bic Camera, a Japanese consumer electronics retail chain.
Bic Camera was amongst the first retailers that started accepting Bitcoins in form of payments after it was legalized on April 1 .
There is a boom in mainstream awareness and adoption of bitcoin in Japan after it became a legally recognized method of payment in April. Japan’s financial regulator has seen up to 18 applications for licenses to open bitcoin exchanges. Ten of those applicants are new entrants to the bitcoin industry, including the likes of Japanese internet giant GMO launching its own bitcoin trading platform.
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