According to a recent study, the exchanges run by Mercari and Rakuten emerge as the top choices when it comes to Japanese newcomers investing in cryptocurrency.
In November, Mobile Marketing Data Labo conducted a comprehensive survey targeting 30,000 Japanese individuals aged between 20 and 69. The survey aimed to gather insights into their encounters with cryptocurrency exchanges.
Out of all the participants, a mere 11% claimed to have engaged with a crypto exchange at any point in time. Surprisingly, exactly 1,728 respondents revealed that they had commenced their usage of crypto exchange services during the year 2023.
Mercari and Rakuten were the popular choices for services, as confirmed by an overwhelming majority of respondents.
Mercari’s Bitcoin Trading app and Rakuten’s Rakuten Wallet platform emerged as the top choices for Japanese crypto novices, representing a substantial majority of those who entered the world of coin trading towards the close of 2022. These two platforms garnered the highest adoption rates, with 24.7% opting for Mercari’s app and 24.2% favoring Rakuten’s trading solution.
bitFlyer, the long-standing dominator of the market, clinched the third spot by capturing an 11.3% share.
What Is Drawing Newer Japanese Crypto Investors to Mercari & Rakuten?
Coincheck and SBI VC Trade received disheartening news that dampened their spirits, revealing unfavorable circumstances within the industry.
Both entities are led by financially backed security operators who are enthusiastic about cryptocurrencies. However, they individually secured 10.6% and 8.2% portions of the market, specifically targeting novice participants.
The patterns were equally notable in the subset of 1,675 participants who claimed to have engaged in coin trading for less than a year.
Close to 27% of respondents identified themselves as Rakuten Wallet users, while nearly 21% expressed a preference for Mercari, and bitFlyer secured the third spot with a 12% share.
Rakuten and Mercari have made efforts to connect their cryptocurrency trading divisions with their reward point systems.
The strategy seems to have paid off for both companies as survey participants expressed their interest in being able to exchange loyalty points for cryptocurrency due to the convenience it offers.
Big Crypto Moves from Japanese Biz Giants?
Mercari accomplished an impressive feat this year by introducing its crypto services, which swiftly garnered one million users in a mere few months since its launch.
Mercari, a platform that launched this year, proudly announced that it has exceeded the impressive milestone of attracting over 22 million users every month.
In September of this year, Rakuten proudly announced that their monthly active user base fell just shy of 41 million individuals.
Customers can convert the points accumulated from Rakuten Market transactions or spend via Rakuten Card accounts into cryptocurrency using Rakuten Wallet.
Rakuten made a notable declaration in June, unveiling their plan to enable users to bolster their electronic payment accounts by utilizing their cryptocurrency assets.
Frequently Asked Questions:
1. What was the reason behind the preference of the majority of Japanese cryptocurrency novices for Mercari and Rakuten?
According to a recent study conducted by Mobile Marketing Data Labo, a strong inclination was observed among Japanese novices in the cryptocurrency field towards Mercari’s Bitcoin Trading app and Rakuten’s Rakuten Wallet platform at the close of 2022. The exceptional popularity of these platforms can be attributed to their seamless user experience and integration with loyalty point programs, greatly impacting the decision-making process.
2. What was the number of survey participants, and which specific age range was the focus of the survey?
A pool of participants in the survey comprised 30,000 individuals of Japanese origin, ranging in age from 20 to 69. A mere 11% of the surveyed individuals acknowledged utilizing a cryptocurrency exchange, while a total of 1,728 respondents mentioned that they initiated their usage of crypto exchange services in the year 2023.
3. What were the usage patterns among Japanese newcomers for major crypto exchanges such as bitFlyer, Coincheck, and SBI VC Trade?
BitFlyer, a dominant player in the market, clinched the third spot by capturing a solid 11.3% share. Coincheck and SBI VC Trade, both backed by financially robust securities operators, captured 10.6% and 8.2% of the emerging market segment, respectively.
4. What factors led to the appeal of Mercari and Rakuten among cryptocurrency users, ultimately leading to their success?
Mercari and Rakuten have effectively linked their cryptocurrency trading platforms with loyalty point programs. Users have emphasized that the ability to exchange loyalty points for cryptocurrencies effortlessly played a pivotal role in their preference for these platforms.
5. Have Mercari and Rakuten achieved significant success in the cryptocurrency market?
In October, Mercari celebrated a noteworthy milestone as their crypto services attracted an impressive one million users, a remarkable feat achieved since their early year launch. Conversely, Rakuten Wallet experienced remarkable success in September, boasting nearly 41 million monthly active users. These platforms have made notable progress by seamlessly incorporating crypto services into their already established user communities.
6. In terms of loyalty points and cryptocurrency, what distinct characteristics do Rakuten Wallet and Mercari present?
Customers can convert the points they accumulate from Rakuten Market or Rakuten Card accounts into cryptocurrencies through Rakuten Wallet. Furthermore, in June, Rakuten made an announcement stating that users can fund their e-pay accounts using their existing crypto assets.
7. In what manner did the survey capture the inclinations of individuals involved in cryptocurrency investment for less than one year?
Newer investors showed a clear inclination towards Rakuten Wallet, as nearly 27% of them chose this platform for coin trading. Mercari followed closely behind, with almost 21% of the respondents opting for it. bitFlyer, with a 12% share, took the third spot, highlighting the ongoing preference for Rakuten and Mercari among those who had been trading coins for less than a year.
