Subway, the largest franchise in the world by number of stores, is said to have tapped into its massive global Bitcoin fan base by recognizing it as a payment option. In this case, the fast food restaurant chain is using the Bitcoin lightning network. Technically, the lightning network is the second layer added to Bitcoin’s blockchain to allow off-chain transactions. Currently, trials have begun for Bitcoin payments at three Subway stores in the German capital Berlin. Subway first tested Bitcoin almost 13 years ago in Moscow, Russia.
Follow a CoinTelegragh report, Daniel Hinze, Berlin Subway franchise owner has observed 120 Bitcoin transactions in the past few months. It may be recalled that Bitcoin was first tested by Subway in Moscow, Russia, about 13 years ago. Hinze revealed that he looks forward to seeing digital assets become a medium of exchange.
“Five years ago, I started dealing with electronic money; and for the past two years, I’ve covered the subject of Bitcoin very deeply. With that in mind, I have decided that [Bitcoin] Hinze said.
To encourage this initiative, users who make BTC payments on all trousers and meatballs will receive a 10% discount. In addition, Hinze offered a 50% discount on all payments for a week.
“Of course during the week, demand is extremely high. Our three restaurants are regularly visited by people who like to pay with Bitcoin.”
A partnership has been signed with a Bitcoin company based in Switzerland, Lipa, to enable an easy-to-use point-of-sale solution. This is said to have been highly patronized by enthusiasts with the hashtag #usingBitcoin taking over German-speaking social media.
According to Bastien Feder, CEO of Lipa, Bitcoin is a currency and their job is to make sure it becomes irresistible to use. Lipa has installed vending devices at Subway stores that allow customers to scan QR codes to be able to pay quickly and at a cheaper cost. It is reported that merchants only have to pay a 1% fee for the service.
“It is 2.5 percent to 4 percent depending on the contract from the merchant. If it’s a business card, there’s 0.5 percent on it. […] And if it’s a foreign business credit card, you pay up to 7%, and you don’t know until the end of the month,” Feder explained.
Feder added that there has been an exponential increase in the Bitcoin community in Germany, Switzerland, and other parts of the world. It is believed that experience pays Lightning Network It’s completely different from when the metro franchise first accepted Bitcoin payments in 2014 when customers had to wait a few minutes for the payment to be processed.
