Compass Coffee, a veteran-owned brand in Wahington DC, has unveiled its partnership with Coinbase to begin crypto payments for its users.
According to a report from Fox Business, Customers can get up to 90% off on their orders who pay with USDC at Compass Coffee’s Half Street location and addition to that, they may also receive NFT, which can be redeemed further for a complimentary coffee tin with Coinbase and Compass logos.
Coinbase and Compass use coffee cups with eye-catching messages to convey the message of cost-saving pros to customers.
An approximate cost of transaction fees is estimated at around $126 million in credit cards paid in 2022 by US merchants, which is 2.5 times the entire U.S. coffee shop market.
Faryar Shirzad, Coinbase’s Chief Policy Officer, states, “Our partnership with Compass is a good pilot to show how stablecoins can simplify finance and save small businesses thousands of dollars on unnecessary credit card fees.”
The coffee cups highlight that these transaction fees could be saved over 99% with blockchain technology. Compass Coffee has disclosed that it is losing about 3.75% of its revenue due to additional fees charged by credit card companies.
While the USDC payment option will only be available at its Half Street store for now, Compass plans to roll out the feature at its 15 other locations in the future.
Although major corporations such as Starbucks, Subway, and AMC Theaters have begun to adopt Bitcoin and Ethereum payments, numerous smaller businesses, especially local stores, remain cautious about embracing cryptocurrency.
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