Now that the use of virtual currency is on the rise, there are a number of merchants that are realizing the importance of being able to accept Bitcoin payments. In Hong Kong, Starbucks is staying on top by doing just this, as well as adding incentive for customers who do.
This initiative is being launched through the Fold app, which was created by a startup that's affiliated with the Bitcoin Association of Hong Kong. When the Fold app is used to make Bitcoin payments, consumers are given a personal Starbucks code, which can be loaded with $5 or $10. When it comes time to pay, all a barista has to know is that a consumer plans to pay by gift card. By using the Fold app, Starbucks visitors are eligible to take advantage of a 20% discount.
Why This Trend Is Growing
- Virtual Currency Payments
- As the use of virtual currencies is on the rise, more and more merchants are accepting Bitcoin payments, leading to opportunities for startups in developing payment platforms.
- Mobile Payment Apps
- Apps that facilitate mobile payments, especially those that integrate with existing loyalty programs, can allow for convenient transactions, setting the stage for disruption within the payments industry.
- Blockchain Loyalty Programs
- Integrating blockchain technology into loyalty programs can increase transparency and security, potentially disrupting traditional rewards programs.
Industries Being Reshaped
- Retail
- Retailers can integrate Bitcoin payments and mobile payment apps into their existing systems to improve customer experience and capture a new demographic.
- Finance
- Startup companies can provide innovative payment platforms and blockchain-based loyalty programs, that potentially disrupt the traditional finance industry.
- Technology
- Developers can create and improve mobile payment and virtual currency platforms to facilitate seamless and secure transactions, potentially disrupting the existing market.
