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Only 6% Of UAE’s F&B Patrons Keen to Adopt Crypto Payment: Oracle

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  • Oracle’s survey on the F&B industry in UAE reveals crypto payments are a slow burner.
  • Only 6% of UAE respondents are willing to adopt crypto payments in restaurants.
  • 56% of respondents still prefer conventional payment options such as cash, credit/debit card.

With the breakneck speed of the ever-expanding metaverse, UAE stands at the forefront of blurring the lines between the virtual and real world.

Where on one hand an increasing number of Food and Beverage (F&B) outlets are embracing cryptocurrencies enabling diners to pay for their meals from their digital wallets. On the other hand, the findings of a recent survey published by Oracle suggest that only 6% of respondents are willing to adopt crypto as a mode of payment in the F&B business.

While the number of restaurants adopting digital payment is skyrocketing, the research shows that 38% of the participants would prefer utilizing contactless payment methods such as GooglePay or ApplePay.

On the contrary, the majority of the respondents (56%) still preferred cash over other modes of payment.

While UAE is described as “strongly pro-crypto” by the founder and CEO of Binance, Changpeng Zhao, for its burgeoning crypto ecosystem, it is quite bewildering to see the number of consumers keen on adapting the digital currency so low.

Earlier this year, UAE’s first dedicated crypto lounge, MetaTerrace, made the headlines. This Dubai lounge aims to bridge the gap between the real and virtual world.

Along the same lines, UAE launched its first crypto-themed restaurant in February 2022, Dogeburger, which aims to cater to the untapped crypto user market of the UAE.

Besides Dogedurger and MetaTerrace, there are several other popular brands in Dubai that are entering the crypto space to offer a metaverse experience to their consumers. Pickl, The Bukkhad Cafe, and Bake N More are a few of such brands.

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  • Source: https://coinquora.com/only-6-of-uaes-fb-patrons-keen-to-adopt-crypto-payment-oracle/

This Post was originally published on CoinQuora

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