An upcoming collaboration between Bakkt and Quiznos will allow customers to pay for meals at certain locations with Bitcoin (BTC).
Customers will be able to pay in BTC at certain Quiznos shops in Colorado’s capital as part of an initial test run, according to a public statement on Tuesday. “The pilot will be available at select Quiznos locations across the Denver market, including the high-traffic Denver airport location, starting in mid-August,” the statement said.
Folks will be able to pay with Bitcoin via Bakkt’s app — a versatile hub for holding and spending Bitcoin, as well as managing reward points and other features. Quiznos is owned by REGO Restaurant Group. REGO’s president, Mark Lohmann, said in a statement:
“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 […] As we continue our digital transformation journey and respond to mobile and millennial consumer demand for alternative and cryptocurrency payment options, we are excited to offer yet another accessible way for customers to buy a meal, in this case, through the Bakkt digital asset wallet.”
The test run comes with an extra perk as well. Quiznos goers will earn $15 of free Bitcoin if they get Bakkt’s app, purchase some BTC on it and then spend that BTC at a participating Quiznos shop, the statement included.
“Through a partnership with Bakkt, merchants and franchisees have the opportunity to accept bitcoin payments from consumers while still benefiting from a cash-settled experience,” the statement said. The statement was not clear on whether or not Quiznos would sell the received BTC right away.
Comments from Bakkt’s chief revenue officer, Sheela Zemlin, however, better explained the outcome of the BTC that Quiznos will receive. “Payment infrastructure is powered by the Bakkt platform, so while Quiznos will accept customers’ bitcoin payment via the virtual Bakkt Card, Bakkt settles in fiat with Quiznos,” Zemlin told Cointelegraph on Tuesday.
Zemlin also confirmed that the pilot Quiznos locations will only accept Bitcoin through the Bakkt app for payments. “The REGO-owned Quiznos chain of restaurants has selected Bakkt as its crypto payments partner,” Zemlin explained. “Payment can be made by bitcoin now and a growing number of crypto assets in the months to follow.”
Updated Aug. 3, 2021, 20:30 UTC: This article was updated to included comments received from Bakkt after initial publication.