Singapore’s KOPITIAM Foodcourts To Implement Crypto-Accepting E-Payment System
Singapore’s widely known KOPITIAM foodcourts will now be implementing an e-payment system dubbed, “KOPItech”, to speed up payment processes reports The Business Times. In particular, it has been disclosed that 20 self-serve kiosks will be placed in the foodcourt that way consumers can have access to a wide range of payment methods and cryptocurrencies are one of them.
The Business Times was able to reach out to the CEO of KOPITIAM, Alden Tan who shared the cost for the system, along with their point of view on cryptocurrencies, their desire to see growth in the industry along with the positive effects in can have on many of the players involved.
As per the claims made, KOPItech, which accepts Bitcoin [BTC], Ethereum [ETH] and Creatanium [CMB], cost S$500,000 to develop in-house. The reason for considering crypto as an option merely stemmed from Tan’s curiosity, who was since quoted saying, “Allowing cryptocurrencies will help us to learn more about the segment of the payment system.”
Tan also believes that growth within the crypto industry seems promising and it made more sense to him to try to attract the said target market.
As for how the kiosks will work, Tan shared that consumers will be ordering their food and directing themselves to a kiosk in order to do so. Making the orders is said to be done either through the kiosk itself or via Facebook’s Messenger – both of which require QR codes located on each table.
Said implementation appears to create a win-win situation for all. For instance, consumers no longer need to stand in line and wait long hours. Those cooking the meals no longer need to stress over intense lines and can focus heavily on their jobs. As for KOPITIAM, this endeavor allows them to onboard the technological advancement train – becoming a viable competitor within the blockchain.
Currently, the technology is implemented at the Funan Outlet and will serve as a test trial. Further expansion is said to rely on customer responses and success.
With any innovative idea comes a drawback and it seems like Tan is fearful of adoption. As reported by The Business Times, Tan hopes that customers and stallholders will be accepting of the new changes made.
This being said, Tan sees a lot of opportunities that can flourish from this step. In particular, he said:
“There are plenty of opportunities. We are only six months young in this NTUC family (company that acquired KOPITIAM), so we hope to do more. I’m sure our bosses will be able to guide us on how to collaborate and synergise and do good together.”