Altcoins
Singapore Food Court Operator Introduces Bitcoin Payments
Emilio Janus | Jul 01, 2019 | 08:00
Kopitiam, the operator of food-courts in many Singapore malls, has unveiled a new ordering solution, allowing payments in bitcoin.
Bitcoin-Enabled Food Court
At the KOPItech food-court in the newly refurbished Funan mall, customers order through self-service kiosks or via Facebook Messenger using QR codes located on each table. More interesting than this, however, is the ability to pay using cryptocurrency. Amongst other payment methods, the kiosks accept bitcoin, ethereum, and creatanium (which must be popular in Singapore?).
The KOPItech system cost around S$500,000 (USD $370k) for Kopitiam to develop in-house. The cryptocurrency payment option was included due to CEO Alden Tan’s own interest in blockchain.
Allowing cryptocurrencies will help us to learn more about this segment of the payment system. This group of customers may grow in the future, so this is what we want to attract. We are always mindful of how we could add more customers to the foodcourt.
Interestingly, conversion from cryptocurrency into fiat will take place on a weekly basis, with Kopitiam bearing the risks of any currency fluctuation. Stallholders will receive payment in Singaporean dollars as usual.
If the response to the KOPItech food-court at the Funan mall is positive, Kopitiam will consider rolling it out to other outlets, cryptocurrency payments and all.
BTC Acceptance On The Rise Again
It seems like accepting bitcoin payments in retail is on the rise again, after a lull that saw many early adopters drop the technology.
Recent months have seen luxury hotels and car dealerships in Switzerland start to accept payment in cryptocurrency. And one major US retailer is ditching Visa and considering payment through Lightning Network payments at its nationwide chain of drug stores.
New technologies and payment processors mean that it is easier than ever to start taking bitcoin payments. Conversion to and from fiat can also be processed instantly, so there is no need to expose a business to the vagaries of price volatility.
How big do you think this is for bitcoin adoption? Let us know your thoughts in the comment section below!
Images courtesy of Shutterstock
