Monday, June 17, 2019

Tokyo Limousines Will Accept Cryptocurrency As Payment For Rides

Tokyo limousines will accept cryptocurrency as payment for rides, as Remixpoint, as cryptocurrency exchange operator is establishing a partnership with Hinomaru Limousine, a luxury transportation company. This as a part of a push to bring cryptocurrencies closer to real life and everyday spending of the Japanese citizens. The trial run will happen this next week and according to the answer of the customers and the acceptance, it could be extended to other areas.

Tokyo Limousines Will Accept Cryptocurrency

As a new push of Remixpoint, a cryptocurrency related company, to bring bitcoin to the general public, Tokyo Limousines will accept cryptocurrency to pay for rides. this is expected to boost adoption and let people try cryptocurrencies as a payment method for everyday expenses. The limousine company, Hinomaru Limousine, is a local Tokyo business and accept rides from all of Tokyo to the airport of the zone.

Of course, limousines aren’t the best bet to popularize a service, but the aim of this partnership between Remixpoint and Hinomaru Limousine is to start a test run and see the acceptance that this kind of payments has over a selected group of people.

Hinomaru Limousine is not just a limo company, they have also an important presence in the taxi space in the city of Tokyo. They operate a fleet of 362 limousines and 161 taxis. According to Bloomberg sources, this could be extended to the whole fleet if this experiment is deemed successful.

Hinomaru and Remixpoint

Hinomaru and Remixpoint will announce this test run and their partnership the next Tuesday. The method to accept cryptocurrencies was not mentioned by the sources, but it is likely to be a kind of cryptocurrency POS device provided by the Remixpoint. Remixpoint also owns BITPoint, one of the cryptocurrency exchanges approved by the FSA (Financial Services Authority), the Japanese cryptocurrency watchdog.

The cryptocurrencies that they will be receiving when the test run starts will be only three: Bitcoin, Bitcoin Cash, and Ethereum, the most used and known cryptocurrencies of the market. While cryptocurrencies had received a good amount of attention due to the price hike experienced last December, it declined with the drop that the market has experienced during the whole year.

While institutional money is likely coming to the stage with companies like Bakkt and Fidelity, retail businesses have been abandoning cryptocurrency payments, like Microsoft and Steam. As Tokyo limousines will accept cryptocurrency, it is likely that cabs and other merchants will move forward with this idea.

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