The First Hong Kong Restaurant Accepting Cryptocurrency Payments
The restaurant and hospitality industry continues to open up apace as it works out the nuances of the government's vaccination requirements pertaining to both staff and customers, amid outcry across the profession. Nevertheless, the minds behind Hong Kong's F&B scene continue to excite and delight, including by introducing cryptocurrency payment into the customer experience.
Okra now accepts cryptocurrency as payment
In one story we didn't see coming, modern izakaya cuisine and cryptocurrency are intersecting at Okra, which has begun accepting digital money in lieu of cash. Hot on the heels of the highly anticipated debut of crypto exchange platform Coinbase on the Nasdaq stock exchange, the Sai Ying Pun restaurant has sought the services of crypto payment processor Trust Wallet to accept Hong Kong dollar equivalent payments in Bitcoin, Ethereum, Binance Coin, Binance USD and Ripple.
Guests using cryptocurrency to pay for their meal will receive a 5 per cent discount on their total bill, mirroring the standard fees imposed on businesses that utilise credit card payments. All menu prices will be stated in Hong Kong dollars and the conversion rate, which is updated hourly, will be given before payment.
With this move, Okra joins the likes of Tesla, WeWork, Time magazine, and Shopify, all of which have begun accepting crypto for their products or services. Chef Max Levy explains: “We’ve always tried to pivot with the newest technology outside of social media to help offer a better and more rewarding experience for our guests. The evolving world of digital currency and blockchain is something that will benefit not only our industry by saving us high transaction fees from banks and credit card processing companies, but it will soon become a much more beneficial way for our guests to pay."
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