FairPrice Group Accepts Cryptocurrencies at KOPITech In-Store System

Self-service dining is booming in Singapore, and now diners can buy their food with cryptocurrency.

KOPITIAM foodcourts are one of the biggest in the country and are a mainstay of many Singapore malls. The foodcourt has been reinvented to keep up with the times: a self-service KOPItech system installed in the stores. The system in Funan mall, for example, features 20 self-service kiosks linked to an e-payment system that accepts numerous payment modes, including in cryptocurrencies.

Funan’s KopiTech features a new concept for food court dining in Singapore where shoppers can place their order and pay at the self-service kiosks or via the Facebook Messenger app with cryptocurrencies.

Kopitiam’s CEO Alden Tan told The Business Times that the KOPItech system cost about S$500,000 to develop in-house. The decision to make it support cryptocurrencies stemmed from his own curiosity about blockchain and a desire to reach a growing segment of tech-savvy customers.

In addition, the company recently launched the Singapore’s first food court private dining reservation service, KopiChope, at Paya Lebar Quarter.

On 22 October 2019, Kopitiam along with NTUC FairPrice (FairPrice) and NTUC Foodfare (Foodfare) were joined by NTUC Enterprise to form FairPrice Group in order to better cater to consumers’ evolving food-related needs.

The newly formed company’s strategy is heavily reliant on technology, which includes cryptocurrency. As Mr. Seah Kian Peng, Group CEO of NTUC Enterprise said:

“The formation of FairPrice Group is guided by our objective to offer differentiated services and products… Harnessing new technologies, the Group also seeks to provide greater convenience and enhance the customer experience. This is a culmination of our ongoing efforts to innovate and transform so that we remain relevant in serving the varied needs of our community.”

Currently, cryptocurrencies are accepted at self-service kiosks in Funan store or via the Facebook Messenger app.

But Mr. Seah also revealed FairPrice Group is working on several undisclosed projects and details will be announced at a later date. Maybe this means they will be broadening their crypto support to other stores. The new group has 573 outlets altogether, including FairPrice supermarkets, Unity pharmacies, and Cheers convenience stores.

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