Kopitiam, the latest in a growing line of merchants making the pivot to digital payment means, is using its newest outlet as a testbed for its e-payment system, which also allows patrons to pay using a variety of cryptocurrencies.
Patrons of Singapore foodcourt operator Kopitiam's new outlet, located in the basement of the revamped Funan Mall, can now pay for their meals using a variety of cryptocurrencies including bitcoin, ethereum and creatanium.
The food court's e-payment system, which includes 20 self-service payment kiosks, cost about S$500,000 ($370,000) to develop in-house, Kopitiam CEO Adlen Tan told «The Business Times,» saying he wanted include cryptocurrency as a payment option to reach the growing segment of tech-savvy customers. The system also allows patrons to order and pay for meals via the Facebook Messenger app using a quick response (QR) code located at each table.
Major Step
Cryptocurrency adoption among retailers in Singapore is almost negligible, but Kopitiam's move to accept cryptocurrency as payment is a big deal – it is the country's largest operator of food courts, growing to 78 locations across the island since it opened in 1988.
Crypto payments received will be converted to fiat currency weekly with its fintech partner, Kopitiam said, adding that it would bear the risk of currency fluctuations. Stall operators are not be affected as they would be paid in Singapore dollars.
A meal at a Kopitiam food court costs about S$5.
