Technology

Chipotle now accepts cryptocurrency as payment

The burrito chain is partnering with payment network Flexa to make it happen, becoming possibly the largest restaurant chain in the U.S. to take digital currency.
Chipotle sign
Photograph: Shutterstock

Chipotle Mexican Grill customers can pay for their next burrito with bitcoin.

The Mexican chain now accepts digital currency at all of its nearly 3,000 U.S. restaurants under a partnership with cryptocurrency payment network Flexa, Flexa said Wednesday. In doing so, it becomes possibly the largest U.S. restaurant chain to accept cryptocurrency. 

Customers with a digital wallet that integrates with Flexa can open the app, select Chipotle and scan a unique barcode to pay for their meal with one of nearly 100 currencies. Flexa processes the payment "in under a second," it said, and then settles with Chipotle in either fiat or crypto.

It was unclear which option Chipotle will choose. Flexa doesn't share how its partners receive their payouts, said co-founder Trevor Filter in an emailed statement. "What we can disclose is that while many merchants choose to receive payouts in their local currency, more and more merchants are beginning to explore holding digital assets on their balance sheet," he said.

Chipotle did not respond to a request for comment.

The Newport Beach, Calif.-based chain has waded into the world of crypto before. Last April, it gave away $100,000 in bitcoin to celebrate National Burrito Day. It said it was the first U.S. restaurant brand to offer crypto as a customer giveaway. 

Crypotcurrency payment has been gradually catching on at restaurants as digital coins like bitcoin and others become more mainstream. Potential benefits include more flexible payment options for customers and more secure transactions enabled by the blockchain. But overall penetration in restaurants remains very low. As of last summer, only about 1% of restaurants accepted cryptocurrency, according to a survey by Technomic, and just 4% expected to do so in the next two years.

Flexa was offering customers 10% off their next Chipotle order when they pay using any digital currency in a Flexa-enabled app.

Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.

Multimedia

Exclusive Content

Financing

Executives' franchisee profitability comments are pointless until they report the data

The Bottom Line: McDonald’s and its franchisees differ on the profitability of restaurants, but we can’t judge for ourselves because the company doesn’t release the data, like most franchise businesses.

Emerging Brands

The race is on for a piece of the pickleball pie

New concepts seem to pop up daily. Here's a look at how the pickleball eatertainment landscape is taking shape.

Financing

Will Subway make Roark Capital too dominant? Not really

The Bottom Line: The addition of the sandwich giant will make Roark a bigger player than McDonald's in the U.S. But its position in the sandwich market will not be all that unusual.

Trending

More from our partners