Digital payments are becoming more and more mainstream, with cryptocurrencies like Bitcoin evolving into a popular payment method.
These blockchain-based platforms give businesses a way to reach and engage with new customers by turning the payment process into an experience of its own.
Liven is one company that is using blockchain technology to connect restaurants, cafes and bars to customers.
This provides a great incentive for young people to choose these participating restaurants and also gives hospitality businesses a way to accept digital currency instantly and easily. Read how Liven's cryptocurrency will benefits customers and merchants here.
Millennial dining trends
More than ever, millennials are eating out at restaurants much more than their parents do. Restaurants and bars make up 2.3 percent of all meals consumed by this generation, much higher than gen xers (1.6 percent) and their parents in the baby boomer category (1.8 percent).
If they are not sitting down for a meal, millennials are also far more likely to pick up prepared food from venues on the run, with 7.5 percent allocating the highest allocation of their food budget to prepared food, compared to other generations which sit between 6.6 and 6.9 percent.
Catering for modern tastes and payment methods
With the millennial market eating out more than any other generation before them, it is important to recognise their demands.
The days of simple cash or card transactions for the hospitality industry are fading into the distance, with cryptocurrency and digital wallets becoming more mainstream.
It is not just millennials using new wave payment platforms, either. Research has shown that the older generations are open to peer-to-peer, bankless payment methods with 69 percent of gen X and 51 percent of baby boomers using peer-to-peer payments at least once a week.
How to accept cryptocurrency
Tapping into the peer-to-peer market can require expensive upgrades to accept the digital currencies. This includes terminals, tablet technology, ATMs and the fees associated with accepting these payments.
There can also be a lag between when the payment is accepted and when it hits your business account. Luckily, there are ways you can accept cryptocurrency and provide a rewards-based loyalty program to your customers without upgrading a single thing.
Liven is an Australian payment platform and mobile digital wallet that offers a digital currency called LivenCoin (LVN) which allows diners to earn digital coins just by eating at participating restaurants. Everytime a Liven customer makes a purchase with the app, they are rewarded with LivenCoin and can use it for their next meal at a Liven partner merchant, save it indefinately, trade it, or donate it to a nonprofit. Read more about how Liven works for businesses here.
The platform already has over 250,000 users and there are over 1000 participating venues in Sydney and Melbourne within the community.
By signing up to Liven as a merchant, you can accept LVN as payment for meals without changing anything in your operations – the app handles the whole process. The choice to accept LivenCoin is up to the merchant, as they can choose to accept the cryptocurrency or in fiat (AUD).
And by offering loyalty rewards and digital currency just for eating and drinking, you can appeal to millennials and their ongoing hunger for meals on the run, and keep them coming back again and again.