Burger Love taps into digital currency to connect to a new wave of consumers
An emerging burger concept with a plan to launch a fourth site this April - Burger Love has recently become the first Australian fast food restaurant to adopt cryptocurrency in its stores. The burger brand is now accepting the top ten digital currency, XEM. Head of marketing and branding at #burgerlove, Steve Agi, said, “Cryptocurrencies are the future of trade. It is a fascinating concept that our clientele is already on board with and we’re ready to stop watching from sidelines. We’re giving our customers the freedom to pay with a currency of their choice, which is telling of how we like to approach the customer experience at #burgerlove; we’re globally known as trendsetters and market leaders, once again we are on the forefront of the new, the exciting and the cutting edge.” XEM is the digital currency of blockchain technology platform NEM. Unlike some cryptocurrencies, XEMs are environmentally friendly as there is no “mining” involved like Bitcoin. It is also secure with built-in spam protection that manages to shut down spammers without taking down the entire network and has a standalone wallet guests can download on their phones or computers. “Australians are familiar with Bitcoin, but less so when it comes to other digital currencies like XEM. Associating with something people love, like burgers, will help integrate it into the economy more broadly and drive consumer engagement.”
QSR Media: What prompted the decision to tap into cryptocurrency?
It is a popular and emerging trend. Similar to what eftpos was 20 years ago, even comparing it to PayPass technology which has seen such an incredible uptake.
QSR Media: Has anyone tried to pay with digital currency at any one of your stores?
Yes, since we launched we have at least 2-3 people per store, per day.
QSR Media: How effective is the new digital payment method in sales growth?
It's a great marketing tool and an opportunity to promote and connect with a whole new audience and group of burgerlovers.
QSR Media: How has the brand mitigated risks with this payment method?
At the moment, it's a very small part of our turnover. It's just a bit of fun, a gimmick really. We are actually leaving the funds as cryptos in the hope that it goes up in a crazy way overnight, we could become instant billionaires. The reality is, that if it takes off and starts to get traction, we will look at an instant exchange to AUD to reduce the risk of exposure to volatile fluctuations.
QSR Media: Any other big plans for the year?
We are launching a food truck on March, opening a fourth store in April, and with plans to have at least another 3 stores open by the end of 2018.
