Blackbird Labs has launched Blackbird Pay, a blockchain-based payment and check settlement network for restaurants.
Points
- Blackbird Pay is a payment and check settlement network built on Blackbird’s blockchain, Blackbird Flynet.
- Restaurants using Blackbird Pay pay a 2% transaction fee.
- Diners can use Blackbird’s reward point FLY to pay for meals.
- The platform aims to simplify and reduce the cost of restaurant payments.
- Blackbird previously raised $24 million in Series A funding.
Blackbird Labs, the firm behind the Web3 payments app Blackbird, has launched a new payment platform called Blackbird Pay. This blockchain-based payment and check settlement network is designed specifically for restaurants and is built on Blackbird’s new blockchain, Blackbird Flynet.
Restaurants using Blackbird Pay will pay a 2% fee per transaction, which is lower than traditional payment processing fees. Additionally, diners can use Blackbird’s reward point FLY to pay for their meals, integrating a loyalty program within the payment system.
“In the last decade, we’ve seen great advances in restaurant technology, but payments have remained expensive, cumbersome, and technologically opaque,” said Ben Leventhal, founder and CEO of Blackbird. “Blackbird Pay changes all of that, and we’re excited to partner with the restaurant industry to forge a new path forward.”
Blackbird previously raised $24 million in Series A funding, led by Andreessen Horowitz, with participation from QED, Union Square Ventures, Shine, Variant, and others.
Explanation
- Blackbird Pay addresses the long-standing issue of high payment processing fees in the restaurant industry.
- The use of blockchain technology ensures secure and transparent transactions.
- Integrating reward points like FLY within the payment system enhances customer loyalty and engagement.
- The recent Series A funding supports Blackbird’s growth and the development of innovative solutions for the restaurant industry.
- The launch of Blackbird Pay reflects the broader trend of applying blockchain technology to improve traditional business processes.
