UAE’s F&B businesses find crypto payments are actually helping them get their cash faster

UAE’s F&B businesses find crypto payments are actually helping them get their cash faster

Dubai: After property deals and coffee purchases, hotel stays in the UAE could be the next big one for crypto payments. Whatever be the sector, cryptocurrencies could resolve some of the lag in payments experienced in other transactions – with the exception of cash, of course. It helps that the crypto payments happen in almost in real-time unlike the those transacted using cards. At a time when businesses are keeping a close watch on their cashflow situations, (almost-) instant payments help. Abhishek Jajoo, founding Partner and CEO of AJMS Global Network, said the local F&B sector is deeply impacted by the speed of cashflow turnaround. So, if any payment method comes up to speed up cash-in-hand, then there will be easier acceptance. Card payments to delivery platforms take weeks to process and incur higher costs that compel F&B owners to consider options. And crypto payments is one such. "Here, blockchain technology comes to help as the speed of fund flow is instant and provides much higher security," he said. He cites the case of an F&B outlet powered by blockchain and cryptocurrency - bistroo is a direct-to-consumer F&B marketplace that "connects consumers directly to the restaurants and payments are received