Study: Only 6% of restaurants in the UAE are keen to pay with cryptocurrency
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Answer Study: Only 6% of restaurants in the UAE are keen to pay with cryptocurrency
With the breakout speed of the ever-expanding metaverse, the UAE is at the forefront of countries where the lines between the real and the virtual are blurring.
According to a recent study Posted by “Oracle” stated that an increasing number of food and beverage outlets accept cryptocurrency, which enables diners to pay for their meals from their digital wallets.
The results of the study indicate that only 6% of the respondents are willing to adopt cryptocurrencies as a payment method in the food and beverage industry.
#The United Arab Emirates Respondents agree with crypto use in restaurants – but don’t be late with serving: Oracle
Dining diners are also being put off as food and beverage companies focus on delivery orders
Read:Bank of America agrees to trade bitcoin futures contracts for some customers, according to informed sources
– Gulf News (@gulf_news) May 19, 2022
While the number of restaurants adopting digital payment is on the rise, the study showed that 38% of respondents prefer to use contactless payment methods such as “GooglePay” or “ApplePay”.
The study also stated that the majority of respondents (56%) still prefer cash over other payment methods.
While Changpeng Zhao, founder and CEO of Binance, described the UAE as a strong supporter of cryptocurrencies, due to its thriving cryptocurrency ecosystem.
So it is very confusing to see that the number of consumers keen to adopt digital currency is very low.
Earlier this year, MetaTerrace, the UAE’s first dedicated metaverse lounge, made headlines.
This lounge in Dubai aims to bridge the gap between the real and the virtual world.
Along the same lines, the UAE launched its first crypto-themed restaurant in February 2022, called “Dogeburger,” which aims to cater to the UAE crypto user market.
Besides “Dogedurger” and “MetaTerrace”, there are many other famous brands in Dubai that are entering the crypto space to provide the Metaverse experience to their customers, and among these brands are:
Read:Bank of America CEO: We are in no hurry when it comes to cryptocurrency
“Pickle”, “Bochd Cafe” and “Pick n More”.
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