Singapore’s leading restaurant chain begins accepting cryptocurrency payments
Singapore-based food court operator Kopitiam has announced plans to accept payments in Bitcoins as part of the company’s efforts to introduce digital means of payment.
According to The Business Times, the Singapore restaurant court operator in Kopitiam shopping centers has completed the development of plans to accept payments in BTC and other cryptocurrencies. It is reported that the company has developed its own system called KOPItech, which will allow customers to pay BTC, ETH and CMB.
In an interview with The Business Times, Alden Tan, CEO of the company, said that the introduction of payments in cryptocurrency opens up new opportunities in payment methods and in attracting additional customers. Commenting on the new step, Tang said:
“Using cryptocurrency will help us learn more about this segment of the payment system. This group of clients may grow in the future, so we want to attract them now. We are always looking for new ways to attract consumers to our catering points. ”
Given the serious fluctuations in cryptocurrency prices, sellers are often wary of accepting such payments. Tan says the company is aware of the current situation and has developed a method that will allow outlet owners to cope with the new development. According to Tan, Kopitiam will help restaurant owners convert the cryptocurrency received during the week into fiat currency. The company will also incur any losses due to a decrease in value during each weekly period.
Accepting payments in Bitcoin Kopitiam is another example of the growing level of cryptocurrency implementation not only in Singapore, but throughout Southeast Asia. Back in mid-2018, the Cineplex cinema network in Thailand began accepting cryptocurrency for payment.