Shake Shack, the international fast-food chain, with locations throughout North America, and Europe, plans to offer rewards to its customers in Bitcoin.
Details of the Rewards Program
Many people predict that one day, it will be possible to make daily purchases in crypto. One possible use case will be to pay for meals at fast-food chains. While that day is still a long way off, Bitcoin is making inroads into the fast-food world. This is after Shake Shack, announced a rewards program where customers will receive Bitcoin rewards.
Shake Shack announced on Friday, March 4, 2022, that customers would receive a 15% Boost Reward in Bitcoin if they bought their meals via the Cash App Card. According to a Tweet from the fast-food chain, the rewards program will run until March 15, 2022.
💸Not a bit, just more coin💸
You heard right, now 'til March 15th, select Cash Card by @CashApp holders will be able to get their 15% Boost reward in the form of $BTC instead of USD. We're taking Shack to the moon 🚀🚀🚀 https://t.co/9NXl9Aviz0
— SHAKE SHACK (@shakeshack) March 4, 2022
The company plans to use the program to test whether its customers are interested in crypto. If everything goes well, they could begin to accept BTC and other crypto coins as payment.
Under this limited program, customers who purchase meals using the Cash App Card, created by Block Inc. will get 15% of the value of their purchase as a reward in BTC from the Cash App Card’s Boost Rewards program. This news was first revealed by The Wall Street Journal. The reason they chose Cash App is that it offers them a fairly large sample size of young customers. This is because most of Block’s customers are millennials and Generation Z.
Crypto Acceptance by Other first Food Chains
McDonald’s, which is the best-known fast-food chain in the world, has yet to accept crypto payments. On January 25, Elon Musk, the richest man in the world, and a major proponent of crypto Tweeted that he would eat a happy meal on tv if McDonald’s began to accept Dogecoin. However, the fast-food chain did not bow to the pressure. One company that has already begun accepting BTC payments is Starbucks, which accepts BTC indirectly via Bakkt.
Thus far, there are over 2000 merchants that accept Dogecoin as payment. These companies include leading car maker Tesla. The company began accepting Doge on January 14, 2022. However, Shake Shack had not received any pressure from social media to begin accepting Doge.
BTC Rewards
While Shake Shack is the first major fast-food chain in the US to offer BTC rewards, there are over 1000 stores and brands that offer BTC rewards via Lolli, a BTC rewards company. According to the company’s site, companies such as Nike, Lowes, Staples, and Walmart, all currently offer BTC and cash rewards via its Lolli wallets.
As crypto trading has become more popular, many brands have been trying to get in on the practice, as a way to appeal to their younger customers. In one survey by Visa, it was found that 62% of crypto owners had stepped up their use of crypto in 2021. Besides retail investors, data from Coinbase Global exchange showed that institutional investors traded $1.4 trillion in crypto, which was over ten times higher than the 2020 figure of just $120 billion.
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