Singapore-based Kopitiam, widely recognized for their food court operations, has announced an innovative payment system that accepts cryptocurrencies. bitcoin and some other cryptocurrencies This strategic shift positions Kopitiam among the growing number of businesses that are transitioning toward accepting digital payments in their operations.
This development also highlights the increasing acceptance and integration of blockchain technology and cryptocurrencies within Singapore and the broader Southeast Asian region. growing popularity A report by The Business Times highlights that Kopitiam operates numerous food courts across Singapore, now supporting crypto payments, including bitcoin and ether, through around 20 self-service kiosks connected to a digital payment system.
Kopitiam Adopts Bitcoin Payment
The newly introduced KOPItech platform by Kopitiam facilitates seamless payments through bitcoin, ether, and a lesser-known token called creatanium. Customers can make their food orders either at the kiosks or conveniently via QR codes available on Facebook Messenger. accepting payments in bitcoin Alden Tan, the head of Kopitiam, shared that the company invested over $370,000 in crafting the KOPItech system. He expressed to The Business Times the company’s keenness to explore this segment of the payment system.
Incorporating cryptocurrencies will enable us to delve deeper into this evolving segment of payments. We anticipate an increase in customers from this demographic, as we continuously strategize on expanding our customer base within the food court.
Back in 2018, the Singaporean government clarified that bitcoin and similar digital currencies were not considered legal tender. At that time, authorities advised businesses against accepting cryptocurrencies for transactions.
Despite such regulatory concerns, Kopitiam must also contend with the well-documented volatility in cryptocurrency valuations. To mitigate this, the KOPItech system converts incoming crypto payments into fiat currency weekly, with the company absorbing any potential losses.
Weekly Conversion of Crypto to Fiat
On Monday (July 1, 2019), Su Zhu, a co-founder of Three Arrows Capital PTE, offered his perspective on Twitter regarding this news.
Singapore's lack of capital gains taxes, including those on cryptocurrencies, facilitates smoother peer-to-peer trading of Bitcoin, offering valuable benefits for those switching away from traditional currency.
Alden Tan, CEO of Kopitiam, also shared that this project had been in the making for about three years, underlining their intention to capitalize on escalating interest in cryptocurrencies. saying :
Tan believes the updated system will make the food court experience more efficient by reducing waiting times, thereby allowing food vendors to serve more patrons swiftly. The company also plans to offer meal discounts as an incentive for using the KOPItech payment method.
Even more insights from Tan suggest that they sought to innovate in technology adoption three years back, embracing trends to distinguish their food court. Through data analysis, they aim to refine services, like potentially introducing food delivery or expanding payment methods to attract more visitors.
From cinemas to real estate and luxury fashion retailers, businesses worldwide are starting to accept crypto payments. As reported by Blockonomi, bars in Japan are experimenting with Bitcoin Lightning Network transactions.
Osato, an avid Bitcoin follower, often shares his expertise on current Bitcoin happenings. When he's not covering industry stories, he challenges himself to beat his Scrabble high score or contemplates existential questions. Reach out to [email protected]
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