Popular food chain Chipotle is making headlines today as it unveils its collaboration with Flexa, a digital payment platform that allows the chain’s U.S. stores to accept digital currency payments. Now, you will be able to pay for Chipotle orders with cryptocurrency. Many fast-food chains have begun experimenting with crypto and the metaverse and could end up becoming a big reason for cryptocurrency to rise in value. As Chipotle becomes one of the most mainstream places to spend crypto on popular food choices, how can you take advantage of this opportunity?
Crypto + Fast Food = Flexa
Flexa’s payment system supports over 98 different types of cryptocurrencies, which users can port over from any Flexa-enabled app, such as Gemini or SPEDN. This kind of variety in cryptocurrency payment options is yet to be seen among restaurants that have already been accepting crypto payments. Other fast-food restaurant chains have already begun exploring the metaverse in an attempt to expand their brands. Their moves have included investing in NFTs focused on their brands and launching virtual restaurants in the metaverse. Chipotle is taking it to the next level by allowing users to purchase physical goods for cryptocurrency in thousands of stores around the country.
What is Flexa?
Flexa is a cryptocurrency payment network that makes it easier for merchants to accept crypto payments. Users can hold their crypto on an app called SPEDN, from which they can automatically convert their coins into fiat money during the payment process simply by scanning a code with the payment terminal. Transactions conducted via the app are instant and carry smaller fees, which is a massive advantage over most direct cryptocurrency payments.
when it’s time to make a purchase, your app generates a unique barcode called a “flexcode,” which participating retailers can scan to authorize and guarantee your transaction instantly. Flexa then pays merchants in either convertible virtual currency or their fiat currency of choice. Meanwhile, Flexa’s Spend SDK deducts the equivalent amount of crypto (e.g., bitcoin or ether) from your digital wallet within the app.
The Future of Flexa
Chipotle is a well-known establishment and has been innovative among fast-food restaurants in the past. This chain’s new partnership with Flexa could be very valuable for both parties involved, with Flexa potentially standing to gain the most. If Flexa finds success in Chipotle’s stores, other popular fast-food chains around the U.S. could be inspired to incorporate the services of Flexa or a similar company into their operations. Chipotle could be the first of many popular establishments to begin accepting cryptocurrency payments in this way. Flexa could become the next big way that companies allow users to spend their cryptocurrency.
Chipotle and Flexa have joined forces to allow burrito lovers to purchase food at over 3,000 stores with cryptocurrency. This is not the first time that fast food establishments have ventured into the world of cryptocurrency, but it could prove to be one of the biggest. If Chipotle’s new payment options are successful, then Flexa could be adopted by other major organizations around the world, but the success of this enterprise could rise and fall with Chipotle.