Reward programs are fairly common at restaurants, but thanks to the growing trend of cryptocurrency you may see more crypto-based perks at popular chains -- Hooters just announced a new cryptocurrency restaurant rewards option which will launch at select locations. Chanticleer Holdings, which currently runs several Hooters franchises as well as a handful of other restaurant chains in the U.S., has recently unveiled a rewards program that essentially has customers mining cryptocurrency just by eating at one of the company's owned chains. Unlike Hooters' existing rewards, this groundbreaking program will allow customers to accrue cryptocurrency that will be accepted at all of Chanticleer Holding's brands.
After announcing this rewards program, Chanticleer Holdings stocks jumped up almost 50 percent. According to Chanticleer's CEO Michael Pruitt, the cryptocurrency will be called Merit and will run on the MobivityMind commerce platform. While Merit is unlikely to reach the market value of other cryptocurrencies, such as Bitcoin, Ethereum, Ripple, and Litecoin, it could lead to more crypto-based reward programs at restaurants.
Cryptocurrency Restaurant Rewards
A Chain of Hooters Locations Unveiled Its Own Cryptocurrency
Trend Themes
1. Crypto-based Reward Programs - The growing trend of cryptocurrency may lead to more restaurants offering crypto-based reward programs, providing an opportunity for disruptive innovation in loyalty programs.
2. Acceptance of Cryptocurrency - More restaurant chains may start accepting cryptocurrency as a form of payment, creating a disruptive innovation opportunity in the payment industry.
3. Blockchain-based Loyalty Programs - Restaurants could adopt blockchain technology to create transparent and secure loyalty programs, opening up a disruptive innovation opportunity in the blockchain industry.
Industry Implications
1. Restaurant Industry - The restaurant industry could explore the use of cryptocurrency and blockchain technology to enhance customer loyalty and payment systems.
2. Cryptocurrency Industry - The cryptocurrency industry has an opportunity to develop specialized solutions for restaurant rewards programs, harnessing the potential of blockchain technology.
3. Blockchain Industry - The blockchain industry can offer its technology to revolutionize loyalty programs in the restaurant sector, creating secure and transparent systems.