American fast casual restaurant Shake Shack is partnering with Jack Dorsey's Block to launch a Bitcoin rewards program at the burger chain.
Running until March 15, the promotion will give customers ordering through Block's digital wallet, the Cash app, an offer for cash-back rewards in Bitcoin.
Customers will get 15% of their purchase back in cryptocurrency if they pay with Cash app's Cash Card, or by buy goods with Cash Card's rewards program, Cash Boost.
The company is experimenting with Bitcoin rewards to reach a younger audience, the company said, and is evaluating whether to phase in cryptocurrency as a payment method in the future. “You’re always trying to place your bets on those things that truly will be meaningful and not waste resources on the ones that won’t,” Jay Livingston, Shake Shack's Chief Marketing Officer told The Wall Street Journal.
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Livingston also underlined the integration with Cash App was vital: “If we just started taking crypto right now at our kiosk, it would have very low adoption,” Livingston said. “But through someone like Cash App, who’s been promoting it, you will get some more people that want it and that also want to learn.”
A large percent of Block’s users are part of the millennial and Gen Z cohort, who are investing in cryptocurrencies in their free time and looking for businesses that understand the value-proposition of cryptocurrencies.
The adoption of Bitcoin as a rewards promotion allows companies to better deliver to their target customer, some say: “This loyalty scheme effectively subsidizes the democratization of crypto amongst a mainstream audience,” Gracie Page-Fozzati, Managing Director of Technology at content marketing firm SJR, told The Wall Street Journal.