Safeway will soon reward customers with up to 3.5% back in Bitcoin on all their purchases. The grocery chain has partnered with Bitcoin rewards shopping app Lolli in a bid to make Bitcoin a “part of everyday life.”
Safeway and Bitcoin Rewards
The new partnership, announced earlier today, has come as a surprise. Safeway announced that the new initiative will be available at all of its 894 locations in 17 American states.
The system will reward customers with Satoshis, or one hundred millionth of one Bitcoin. In other words, a minute amount of cryptocurrency that will amount to 3.5% of the value of their spend on that given day.
Put BTC into the Hands of the Masses
Lolli CEO Alex Adelman has stated that by teaming up with a major grocery chain, Bitcoin will fall into the hands of those that otherwise may never own it. In this way, the initiative should help the adoption of the world’s largest digital asset by market cap.
In an interview with Yahoo Finance, Adelman said that teaming up with “one of the most well-recognized food retailers in the United States […] will give people the ability to get involved in holding and owning Bitcoin—perhaps for the first time.”
Adelman continues to say that giving Bitcoin rewards is a proactive way of getting Bitcoin into the “hands of the masses.”
He also continued by saying that Bitcoin offers shoppers a better store of value than more traditional fiat currency-denominated loyalty cards. He likened the initiative to a savings account that could return lucratively to long-term holders:
“Points, as you know, are deflationary, and Bitcoin is non-deflationary, so I think it’s a better store of value than an arbitrary points system.”
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According to its website, Lolli is “the first bitcoin rewards application that lets people earn & own bitcoin when they shop online.”
The platform already has over 500 partners. When a customer buys from a partner site, Lolli receives a percentage of the sale. It then splits that percentage with the shopper, returning it as Bitcoin to the shopper’s personal Lolli wallet.
The service recently added major booking website Hotels.com to its partners list.
Do you think offering Bitcoin rewards will help to “normalize” Bitcoin for people?
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