Chipotle Adds Nationwide Crypto Payments Acceptance
Chipotle bets on cryptocurrencies.
Purely digital payment network Flexa announced in a medium post on Wednesday, June 1 that the fast-food chain, which has more than 3,000 restaurants in five countries (and more than 2,975 in the United States), has started accepting digital currency payments. Locations in the United States exclusively through the company network.
While restaurant brands have made some inroads into accepting cryptocurrency, this move stands out for the large scale at which the fast-food chain has integrated the technology. Consumers pay for their Chipotle order through a Flexa-enabled app and scan their phones in the restaurant. Admittedly, this system, in which consumers pay in-store, leaves out one of Chipotle’s most popular ordering channels: delivery.
“All of us here at Flexa are incredibly excited to be working alongside the Chipotle team to help drive digital payments innovation forward and make real, healthy food even easier to enjoy,” the payment network wrote. in the message. “We look forward to continuing to offer more payment options together very soon.”
In February and March, PYMNTS conducted a study in conjunction with BitPay titled “The US Crypto Consumer: Cryptocurrency Use in Online and in-Store Purchases,” which is based on a census-balanced survey of over 2,330 US consumers. current or former. cryptocurrency users and non-cryptocurrency users. The study found that nearly a quarter (23%) owned a cryptocurrency in 2021.
Get the study: Use of cryptocurrency in online and in-store purchases
Additionally, according to data from the April PYMNTS study “The US Crypto Consumer,” also created in conjunction with BitPay, nearly eight in 10 crypto consumers have used bitcoin to make purchases online or in-store.
What insiders are saying
As cryptocurrency payments are accepted by more merchants, consumer demand to pay with their digital currencies is growing.
“The more crypto you can spend, the more reason people have to spend crypto,” Stephen Pair, CEO of BitPay, told Karen Webster of PYMNTS in an interview in May. “And we are seeing huge interest among traders. What is happening now is that merchants are turning to their existing payment processors and asking them to support crypto.
Read more: More consumers are buying crypto and want more ways to spend it
Some argue that the rise of cryptocurrencies could even change the role of the US dollar domestically and globally.
” In one way, [cryptocurrencies] remove some transactions that were previously traded through the US dollar,” Will Cong, Rudd Family Professor of Management and Associate Professor of Finance at Cornell University’s Johnson Graduate School of Management, told PYMNTS in a January interview. . “They also challenge currencies that are not super dominant, for example, [the] Canadian and Australian dollar. Besides this direct challenge, the fact that they reduce the domination of [the] The US dollar will provoke competition from [the] US dollar on these other currencies to be reduced.
See more : Cryptocurrencies can reduce competition from the US dollar