Bitcoins and cryptocurrency are the future of payments. With a steadily growing market and new users joining every day, it could replace fiat currencies (i.e. USD, GBP etc) as we know it. So, why not introduce it to the Hospitality Industry?
Since it's launch in 2009, the value of Bitcoin has sky-rocketed with various alt-coins following its success. Businesses and individuals have started to consider the possibilities with cryptocurrency, and there are plenty of opportunities to explore - Hospitality being one of them.
The Future of EPoS
SPARK's aim is to integrate new innovations and ideas to transform Hospitality as a whole. With our extensive experience within the industry, we built a system based on the real needs of operators and have designed software to save managers time and significantly reduce the venue's costs.
The prospect of cryptocurrency meeting with Hospitality, more specifically with EPOS systems, opens up new methods of payments and transactions for businesses.
Bitcoins and other altcoins can be spent online already, but integrated with EPoS allows for a more inventive and increasingly popular approach of paying.
What are the benefits?
When Bitcoin started gaining popularity and cryptocurrency became a huge topic of interest, users couldn't spend that money unless it was online. It was no doubt a missed business opportunity for retailers.
However, with changing technology and businesses strongly considering cryptocurrency, it's well-suited for the Hospitality industry. A quick transaction on an EPoS compatible with cryptocurrency would allow for normal spending at venues.
As of right now, the approximate value of 1 Bitcoin against GBP is £7.7K, with rates fluctuating every day. That's a lot of digital currency for Bitcoin users to spend.
This means that users can utilise an otherwise computer-based currency, in real-life situations. It makes it more accessible than having to covert money or only make online purchases.
Had retailers been accepting Bitcoin only a few years ago, say July 2017 where 1 Bitcoin equated to approximately £2.1K, then the value of their sales would have been significantly higher today with it worth over £7,000.
SPARK's Cryptocurrency Integration
SPARK is always working on new developments and looking for the latest innovations to aid Hospitality businesses. Enabling our EPoS system to accept digital currency is a step towards that goal by working with UKEX.
UKEX is a regulated cryptocurrency exchange that provides transaction, storage and payment services for both fiat and cryptocurrencies.
SPARK's plans to integrate cryptocurrency caters to a growing market and allows for an easy method of payment for Bitcoin users through our EPoS machine.
Any Hospitality business owners that are new to the concept of paying with cryptocurrency, but want to consider it can get in touch with SPARK. It will expand your customer base and drive in more people, both users of Bitcoin and non-users.
It's an opportunity to take a closer look at how we'll be incorporating Bitcoin and other cryptocurrencies with the EPoS and the potential it has for Hospitality businesses.
The China-UK Blockchain Application Forum
Following our plans to accept cryptocurrency via the SPARK system, we also had the pleasure of attending the China-UK Blockchain event in London.
As mentioned earlier, we will be working with UKEX, the esteemed host of the event after their initial Blockchain Forum did incredibly well. The team at SPARK were delighted to be in attendance for their second Blockchain event.
Other attendees included Adrian Pang of Fintech Week, Bilal Ahmed of Applied Blockchain, Florian Kruegar of CraftCoin Company, Misha Rao of Innovate Finance, Peter Meli of Malta Enterprise and Prof. Yu Xiong of University of Northumbria to name a few of the distinguished individuals and companies at the event.
If SPARK's integration with cryptocurrency sounds like something you're interested in for your business or want to discuss the possibilities about this integration with SPARK, we have FREE demonstrations available! We can get an idea of your business needs and see how SPARK can help you.
Visit www.sparkepos.com for more information or click below to learn more about SPARK accepting Bitcoin!
