As the demand for crypto payments continue to increase,Pizza Hut has joined other global fast-food chains like Burger King and Church’s Chicken to accept a broad range of cryptocurrencies in its over 20,000 shops and businesses in the country, including bitcoin, via the payment platform Cryptobuyer.
Pizza Hut in Venezuela partnered with CryptoBuyer who runs multiple Bitcoin ATMs in Central and South America to diversify its payment options within their stores. Based in Panama, the firm acts as a cryptocurrency merchant gateway.
What does this mean to Pizza Hut
Customers can buy pizza with Bitcoin (BTC), Litecoin (LTC), Dash (DASH), Binance Coin (BNB), Binance USD (BUSD), Ether (ETH), Tether (USDT), Dai (DAI), and its native token XPT.
This is made possible through the integration of “Cyptobuyer Pay” into Mega Soft’s “Merchant Server” platform. Mega Soft is a large payment processor in Venezuela, with an average of 18 million transactions processed per month.
This will further help deepen cryptocurrency adoption in the country and across the South American region.
Merchants can choose to either automatically settle their cryptocurrency payments in fiat currencies or keep the coins stored in their accounts. Among stores that are currently using Cryptobuyer Pay are Burger King, Intercontinental Hotel, and Traki, the largest department store chain in Venezuela.
CryptoBuyer is a Panama-based startup that has been operating in Latin America since 2015 as a point-of-sale and cryptocurrency ATM service provider.
Why adoption of Crypto for payment in Venezuela
With Venezuela suffering from crippling hyperinflation due to United States sanctions and poor economic management, the nation is seen as having potential for rising adoption of cryptocurrency as an alternative method of payment and store of value.