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Bakkt to pilot payments via Bitcoin in physical U.S. stores

Bakkt to pilot payments via Bitcoin in physical U.S. stores
Jordan
Major
11 months ago
3 mins read

Bakkt, the digital asset marketplace that powers the Bakkt App, has announced a partnership with Quiznos, a major quick-service restaurant (QSR), to launch its first physical location trial, which will allow Quiznos customers to pay with Bitcoin (BTC) at certain locations.

Consequently, the pilot will be available in select Quiznos stores around the Denver area starting in mid-August, including the high-traffic Denver airport site. The firm announced the partnership on its Twitter page on Tuesday.

Bakkt, founded in 2018, is ushering in a new age of financial services innovation by rethinking and unlocking the value of digital assets, such as its peer-to-peer feature enabling users to send Bitcoin rewards and loyalty points, gift cards. The company’s objective is for all cryptocurrency assets to be as liquid as any fiat currency.

Chief Revenue Officer at Bakkt Sheela Zemlin stated:

“Through this partnership, we are introducing unique experiences to Quiznos customers by enabling them to take advantage of new ways to interact with digital assets and bringing Bitcoin utility to the mainstream consumer market. We will closely watch how this pilot performs, with the potential to expand the partnership to additional Quiznos locations across the country.” 

During the first phase of implementation, select Quiznos restaurants in the Denver region will pioneer a new and creative payment option for consumers to use the Bakkt App to purchase their next meal using Bitcoin. In addition, customers who download the Bakkt App, buy Bitcoin, then use it to pay for their food at Quiznos lunch will receive $15 worth of Bitcoin. 

Mark Lohmann, President of REGO Restaurant Group, which owns Quiznos and other national QSR chains, confirmed:

“Partnering with an innovative platform such as Bakkt is appealing to us for a number of reasons, primarily because it allows us to accept Bitcoin directly at the point of sale as part of a quick and seamless transaction.” 

Bakkt expands to retail chains

Currently, the firm continues to grow its partner ecosystem to make digital assets as liquid as fiat currency. The company seeks new and inventive methods to establish Bitcoin as a convenient payment option in customers’ daily lives.

In May, Bakkt announced that it would allow users to spend on Cantaloupes retail network. Customers will be able to make purchases at self-service kiosks and shops using Cantaloupe’s consumer app, which will allow them to “Pay With Crypto” or “Pay With Points.”

Moreover, Bakkt’s digital wallet app included Starbucks as a merchant partner last month for a limited period, allowing users to reload their Starbucks cards with Bitcoin via Bakkt.

Through a partnership with Bakkt, merchants will be able to accept Bitcoin payments from customers while still delivering a cash-settled experience.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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