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The Wall Street Journal reports that Shake Shack will begin to reward customers with Bitcoin with the hope that free cryptocurrency will further attract young diners to visit the burger chain more often.
According to the report in the newspaper, customers of Shake Shack will receive a 15% refund of the value of their purchase back in BTC – but, they will be required to complete the transaction using a Cash App debit card.
To further illustrate the context of this offer, when a customer spends $20 in any Shake Shack outlet, they qualify to receive a $3 reward in Bitcoin.
Speaking to the newspaper, Shake Shack expressed that it discovered that there seems to little interest in adopting cryptocurrencies as a payment method amongst its customers. However, they also cited that the lukewarm attitude could be due to the technical requirements involved in Bitcoin transactions and also the volatility of the asset.
It also confirmed that the reward system will begin with an experiment phase that will run till mid-March. Upon the success of the experiment phase, Shake Shack promises to prolong the rewards programs and may further proceed to accept cryptocurrencies as a payment method.
The Chief Financial Officer of Shake Shack, while addressing the publication about the chain’s reward program said:
“You’re always trying to place your bets on those things that truly will be meaningful and not waste resources on the ones that won’t”
Additionally, this announcement from Shake Shack follows the research from Visa that suggested that 57% of consumers are eager to earn Cryptocurrency through reward schemes while major analysts project that it present a more modernized solution to loyalty & rewards schemes.
Before now, some major brands like Lolli and Grubhub have already launched crypto reward programs and Shake Shack is set to join the list while we await to see if it will eventually adopt the use of cryptocurrency as a means of payment.