JPYC Payments Surge in Tokyo's Shibuya District

Tokyo's Shibuya district is seeing a surge in interest for JPYC, a yen-pegged stablecoin that allows merchants to accept payments with zero fees. According to Sowaka Japan, a Web3 payments company operating the store-facing payment and management platform Misepay, over 100 merchant inquiries have been received since trial operations began in July at two locations in Shibuya and one in Nagoya.

Sato Yuki, a designer from Toyama Prefecture, was among the first to try out JPYC payments. She used her personal Web3 wallet Abacus to scan a QR code on the store's iPad, which displayed the payment amount, recipient address, and network used. With a simple finger swipe, the transaction was complete.

Misepay's CEO Wataru Matsuda believes that JPYC's emergence as a trustworthy stablecoin is the key to expanding cryptocurrency payments in real-world transactions. 'Cryptocurrency payments have been possible for a long time, but they were difficult for ordinary people to use,' he said. With Misepay, merchants can accept JPYC payments without a separate payment terminal and manage cancellations, refunds, and transaction histories.

The biggest advantages of stablecoins for small business owners are fees and settlement. According to Matsuda, card payments in Japan incur significant fees: 'For a business with a 10% profit margin, the 2.5% fee wipes out a quarter of its profit.' Misepay's payment fees and setup costs are zero yen, and JPYC goes directly into the store's wallet without passing through an operator.