The Compass Coffee chain of cafes in Washington has become the first in the world to accept Bitcoin payments through a standard Square terminal, implementing a revolutionary approach to cryptocurrency transactions in the service industry.
This is reported by Finway
First Pilot of Lightning Payments in Real Business
During DC Fintech Week, Compass Coffee customers were able to pay for their drinks with cryptocurrency using the Lightning Network. All transactions were processed instantly through the integrated Square terminal, marking the first such case in the world. Michael Haft, co-founder and CEO of Compass Coffee, noted the high level of convenience and speed of solutions based on the Lightning Network.
“We tested Lightning payments with 10 different wallets — fast, reliable, and honestly, quite fun. Everything went through instantly.”
This experiment demonstrated the technology’s readiness for mass adoption and its reliability when working with various cryptocurrency wallets.
Global Plans and Challenges for Crypto Payments
Square, owned by Block and led by Jack Dorsey, announced its intention to begin global implementation of Bitcoin payments starting November 10. Merchants in the U.S. and around the world will be able to accept Bitcoin and convert up to 50% of daily sales into cryptocurrency without fees for the first year. Miles Suter, head of Bitcoin products at Block, emphasized the simplification for businesses:
“We are making Bitcoin payments as easy as card payments, while providing small businesses access to financial tools that were previously available only to large corporations.”
According to experts, the Lightning Network opens a new era for cryptocurrency payments in retail. Pranav Agarwal from Jetking Infotrain India noted that modern PoS systems are gaining new momentum for development due to the ease of integrating Bitcoin payments. The technology allows for bypassing traditional banking intermediaries, which potentially reduces merchants’ costs and encourages the implementation of loyalty programs, cashback, and lower prices for consumers.
Despite the technological breakthrough, regulatory barriers remain on the path to widespread adoption. Jack Dorsey called for small Bitcoin payments to be exempt from federal taxes. Senator Cynthia Lummis confirmed that relevant work is ongoing, although such an initiative has not previously received support from the U.S. Congress.
Iz Ng, product lead at UR, emphasized that speed is just one of the key factors, and for full integration, user convenience, quality UX, business integration, and transparent regulations are also needed. He stressed:
“Adoption will follow utility — when crypto payments feel like any other contactless payment, without friction or uncertainty.”
It is worth noting that recently, the Spanish chain Vanadi Coffee announced the creation of a Bitcoin reserve worth $1.2 billion, indicating the growing role of cryptocurrency in the global coffee shop industry.