While several big names are embracing the cryptocurrency industry, Subway, an international American fast food restaurant chain, joined the movement as well. Three of its Berlin-based locations have begun accepting bitcoin as payment.
Crypto aficionados are in for a treat as three of Subway’s Berlin locations have begun taking Bitcoin as payment. It is a part of a crypto network experiment and has received positive feedback from its users.
“Five years ago, I started to deal with cryptocurrencies; and in the last two years, I have dealt very intensively with the topic of Bitcoin. With that in mind, I’ve decided that [Bitcoin] could be the better money system”, said Daniel Hinze, the owner of the Subway outlet.
By providing a 50% discount for a week when customers pay with Bitcoin, he has attempted to spread the news about the new payment method.
Notably, Hinze has partnered with Switzerland-based Lipa to build a point-of-sale solution in his store using a QR code allowed by Lightning, which consumers may scan, and the transaction takes place in a quick and easy manner.
Germany feels rise in Bitcoin adoption
Bastien Feder, the CEO of Lipa, asserted that the 1 percent fee Lipa charges its merchants is significantly cheaper than other conventional payment methods. While Bitcoin and other cryptocurrencies may be extremely volatile, he anticipates a gradual increase in crypto payments, which has already occurred in many areas of Germany, Switzerland, and other countries. He stated:
“It’s 2.5% to 4%, depending on the contract from the merchant. If it’s a business card, there’s 0.5% on top of that. […] And if it’s a foreign business credit card, you pay up to 7%, and you don’t know until the end of the month.”
A large number of internet users have been using the hashtag #usingBitcoin while posting on social media in Germany, which is reportedly the most crypto-friendly nation. Since cryptocurrency acceptance is still at a very early stage in Europe, experts have praised this initiative as it would undoubtedly help the sector flourish.