Remixpoint Inc is reportedly planning to integrate a Bitcoin payment option to one of Japan’s leading taxicab services.
According to Bloomberg, the company has partnered with Hinomaru Limousine Co. to create a crypto payment gateway for its customers. That said, users will be able to pay for Hinomaru’s limousine services in cryptocurrencies which, in addition to Bitcoin, also include Bitcoin Cash and Ethereum. The move is likely to impress travelers that are willing to bypass exuberant fees charged by international credit cards and over-the-counter cash exchanges by opting cryptos.
Remixpoint, according to the Bloomberg sources, is eyeing a trial run this month which could see crypto-enabled rides between Tokyo’s 23 wards and either Haneda or Narita airports.
The company is yet to make a formal announcement on Tuesday, the source added.
Commerce with Cryptocurrencies
The deal between Remixpoint and Hinomaru attests to a trend of moving cryptocurrencies beyond financial speculation, and into mainstream commerce applications. The idea has been practiced before by global giants like Microsoft, Expedia, and Dell but couldn’t sustain for long owing to Bitcoin’s price volatility and blockchain scalability issues. The digital currency so far has taken care of the scalability aspect by integrating a third-party solution called Lightning Network to its blockchain. However, it remains prone to wild price fluctuations.
Remixpoint, which also operates BITPoint, a licensed and regulated cryptocurrency exchange in Japan, could address volatility issues by converting cryptos into fiat at the POS in real time. That should make it ideal for both travelers and Hinomaru to use cryptos with much lesser volatility risk.
The deal between the two could also see the expansion of bitcoin-enabled POS in Hinomaru’s entire business model. The private company manages a fleet of 362 limousines and 161 taxis while the trial service as mentioned above is limited to airport rides only. A successful test run is likely to boost crypto payments among regular taxi rides as well.
These commerce aspects could mainly attract people willing to spend their crypto holdings in real time, and merchants/payment providers looking to accumulate these assets without having to mine or purchase them from a local exchange. Travelers, for instance, could bring the best usabilities out of cryptos by treating them as global currencies. They can carry them anywhere, anytime and spend them locally without having to go through a costly fiat conversion process.
Just recently, an Australian blockchain startup TravelbyBit had started a full traveling service that allows travelers to purchase flight tickets and book hotels in Australia using cryptos. In Japan, a similar space could be built, beginning with limousines.