Published on juli 31, 2024, 12:26 am
Image source: Fox News
```json [ "TLDR: Blackbird Labs introduced Blackbird Pay, a Web3 payments platform for restaurants built on blockchain tech, aiming to address financial challenges faced by the industry. It offers lower transaction fees (around 2%), accepts FLY tokens for payment rewards, and provides personalized benefits through Guest Value Scores. The rise of Web3 startups in dining tech indicates a shift towards efficiency and customer loyalty. Backed by $24 million in Series A funding from Andreessen Horowitz, Blackbird is gaining popularity among notable eateries, offering solutions to modernize restaurant technology and improve customer experience." ] ```
Blackbird Labs, a startup in the hospitality-tech industry, has introduced Blackbird Pay, a Web3 payments platform designed specifically for restaurants. This innovative platform is built on the company’s latest blockchain network, Blackbird Flynet. By offering restaurants their unique end-to-end payments and check settlement system, Blackbird Pay aims to combat the challenges of diminishing margins and depleting cash reserves that many establishments face.
One key feature of Blackbird Pay is its ability to streamline settlement processes and lower transaction costs significantly for restaurants, with fees averaging around 2% per transaction compared to the current industry standard of up to 4%. Moreover, diners have the option to utilize FLY, Blackbird’s native token, as a means of payment—earning rewards along the way.
Ben Leventhal, the co-founder of Resy and Eater and now part of Blackbird Labs, emphasized how traditional restaurant payment systems have seen little advancement over the past decade. With Blackbird Pay, diners can seamlessly pay through the app using various methods like credit or debit cards, FLY tokens, or USD Coin (USDC). Additionally, each diner receives a unique Guest Value Score, allowing member restaurants to tailor points systems and benefits according to individual preferences.
The rise of Web3 startups within the dining sector signals a shift towards more efficient operations—from cost reduction measures to enhanced customer loyalty programs. Companies like DevourGO are already making their mark in Web3 food delivery services. As per projections from the National Restaurant Association, US restaurant sales are anticipated to surpass $1 trillion by 2024—a historic milestone paving the way for innovative solutions like those offered by Blackbird.
According to Roni Mazumdar from Unapologetic Foods, services like Blackbird could potentially save restaurants thousands of dollars monthly in processing fees. Apart from its payment platform, Blackbird is also developing messaging and discovery tools such as Blackbird Breakfast Club and Bar Blackbird tailored to drive foot traffic during slower periods—an initiative aimed at bolstering restaurant profitability.
With recent Series A funding totaling $24 million led by Andreessen Horowitz, Blackbird is gaining traction among prominent eateries including Barbuto and Momofuku in New York; Leon’s in Charleston; and Birdsong in San Francisco. The introduction of platforms like Blackbird Pay signifies a significant step towards modernizing restaurant technology while enhancing overall customer experience within the dining industry.
Original article posted by Fox News
