Startup Blackbird Labs unveiled a new Web3 platform for restaurant payments powered by its blockchain network. The solution will help restaurants lower settlement time and transaction costs by accepting payments in native token FLY and stablecoin USDC.
Blackbird Labs announced the launch of Blackbird Pay, a payment solution for the restaurant and hospitality industry. The Web3 platform is based on the Blackbird Flynet blockchain. The initiative is to help restaurants deal with shrinking margins and eroding cash reserves.
According to a press release, Blackbird Pay shortens settlement times and reduces restaurant transaction costs to 2% per transaction, while current fees are as high as 4%. The platform also allows diners to pay in FLY issued as a reward. Moreover, the payment solution supports credit and debit cards and USD Coin (USDC).
Ben Leventhal, Founder and CEO of Blackbird Labs, says payment solutions for the restaurant business made no virtual progress over the past ten years despite the industry actively innovating. Most restaurants remain expensive and technologically obscure. Leventhal claims that Blackbird Pay solves this problem and helps restaurants manage their payments quickly and conveniently.
The app allows restaurants to create loyalty programs with custom bonuses and perks. To accomplish this, Blackbird Pay assigns a Guest Value Score feature to each user to be evaluated by creating ratings.
Blackbird Labs is also developing messaging and discovery apps for restaurants — Blackbird Breakfast Club and Bar Blackbird. According to project managers, the Web3 applications are designed to help attract diners during slow periods.
Blackbird Labs was founded in 2022 and raised $24 million in a Series A funding round led by Andreessen Horowitz. The company’s current clients include Barbuto, Crown Shy, Momofuku, Nom Wah, and Saga restaurants in New York, Leon’s in Charleston, and Birdsong in San Francisco.
Roni Mazumdar, Co-Owner of the Unapologetic Foods, said that innovative payment services can help restaurants save thousands of dollars monthly on fees alone.
Representatives of the restaurant business in the United States express high interest in blockchain solutions and cryptocurrencies.
