In the first of its kind, the Japenese Bitcoin exchange bitFlyer has decided to partner with Mitsui Sumitomo Insurance to provide merchants for failed transactions involving the virtual currency, a way to receive compensation.
The insurance package will roll out this Friday. If a customer payment does not go through correctly, due to system problems or any other issues the damages will be covered by the offering from the Tokyo cryptocurrency exchange and the MS&AD Insurance Holdings Group unit.
Seeing this, a similar insurance product is being planned to be offered by another Tokyo virtual currency exchange operator, Coincheck. They will be teaming with a Tokio Marine Holdings group subsidiary, Tokio Marine & Nichido Fire Insurance.
More stores are expected to adopt Bitcoin as a payment method as they will not have to face such losses. The acceptance of Bitcoin payments has begun in some locations in Japan.