The well-known New York-based food chain has teamed up with Block Inc's Cash App to offer Bitcoin rewards. US fast food chain Shake Shack will reward its customers with Bitcoin (BTC) for every burger they buy using the Cash App.
For any Shake Shack purchase to be made with Cash Card, the bank card offered by Cash App to its users, 15% of their purchases will be refunded in BTC. The Wall Street Journal reported that the Cash App Bitcoin promotion will be active until mid-March.
Shake Shack stated that they are testing whether it can reach younger consumers on the Cash App and whether customers are interested in more cryptocurrency options.
The company's head of marketing, Jay Livingston, said that Shake Shack has not seen requests from its customers to pay in cryptocurrencies, but that the Bitcoin reward experiment will help decide whether Shake Shack should start accepting payments in cryptocurrencies.
“We are always trying to bet on things that will really make sense. If we started taking payments with crypto right now, adoption would be very low. But by doing it through someone known like Cash App, we will get more people who want cryptocurrencies and also want to learn.”
Rewards promotions like Shake Shack’s offer a new way for companies to connect with customers digitally while delivering value to them, said Gracie Page-Fozzati, managing director of technology at SJR, a content marketing consultancy owned by WPP PLC.
"This loyalty scheme effectively subsidizes the democratization of crypto amongst a mainstream audience,"
The company posted total revenue of $739.9 million in 2021, up 41.5% versus the prior year, according to its latest financial results. The burger chain has over 240 U.S. locations and over 125 internationally.