US bar and nightclub industry to get down with crypto

Katie McDonaldSeptember 17, 2018

The American Nightlife Association (ANA) has partnered with Paytomat, a decentralised payment system for crypto, to drive digital currency take up across the bar and nightclub scene in the US.

Under the agreement, ANA will collaborate on Paytomat’s launch in the US, aimed at building a network of multi-venue clients and attract American investors.

ANA, which has 30,000 merchant members, will also play a role in creating a network of partners such as banks, exchanges, gateways and processing companies.

The association will help establish a legal scheme for each of the American states to introduce payment to merchants.

Paytomat will introduce its blockchain-based loyalty program, involving the PTM coin, which will be used to incentivise merchants to accept payments in crypto, and PTX tokens to influence customers to pay with crypto.

The loyalty program will be embedded in the Paytomat Wallet.

Paytomat launched its blockchain platform in 2017 and has already developed a network of merchants in Europe where it has processed thousands of crypto transactions across brick-and-mortar stores, e-commerce websites, exhibitions and conferences.

ANA chief sales and marketing officer Lev Filimonov said the association aimed to provide nightlife professionals with trends, tools, resources and strategies to help them increase revenues.

“Accepting cryptocurrencies in a business is a competitive advantage and a marketing booster,” Filimonov said.

“Among all cryptocurrency payment systems, Paytomat offers the best conditions for merchants to pioneer this new economy.

“We’re committed to assisting Paytomat in building all necessary strategies and business models to establish them as the major driver of cryptocurrency adoption for everyday payments in the U.S.

“With a proven track record in Europe, their solutions are user-friendly, intuitive and don’t require additional investment into hardware or software, along with zero fees for businesses.”

Paytomat founder and CEO Yurii Olentir said the US Bar and Nightclub industry was valued at $783 billion.

“Recent surveys show that American businesses are willing to accept Bitcoin as a payment method, and we’ll give them an opportunity to accept a much wider variety of cryptos,” Olentir said.

“We’re happy to begin our expansion to the US market with such an influential partner as ANA.

“Together we’ll develop and implement an effective strategy to quickly engage retailers from across the country, ramp-up volume and sales.” 

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