Here’s the translation into American English:
FoodCoin, the fintech startup focused on the hospitality sector, is revolutionizing the way bars and restaurants in Spain build customer loyalty. So far, over 40,000 meals have been paid for using its VISA card in more than 11,000 establishments, an achievement made possible without complicated integrations, additional training, or special authorizations.
The operation of FoodCoin is accessible and efficient. Users can load their FoodCoin VISA card in seconds through a mobile app. As an incentive, they receive 3% real cashback in euros that they can reuse anywhere. Notably, any restaurant can set up its own loyalty system in just minutes, with an initial cost starting at only €1 per day.
Ricardo Marín, CEO and founder of FoodCoin, emphasizes that the simplicity of the process is key. “There’s no need to integrate the system with the POS. Just accept payments with the VISA card, choose a name for the establishment’s currency— for example, KFC could go for ‘KFCcoins’— and decide the percentage you want to return to customers. In three minutes, it’s all set up,” he explains.
Recently, the company has begun its commercial phase, allowing any bar, restaurant, or chain to become a client. In exchange for a monthly fee ranging between €30 and €50, establishments can be featured on the FoodCoin app as locations offering additional cashback. For instance, a buyer might receive 10% in ‘KFCcoins’ when purchasing at KFC, and those euros will only be redeemable if they choose to return to the same location.
If the customer opts not to return, they can convert that specific currency into “universal foodcoins,” which can be used at any other establishment in the country. In this scenario, the restaurant automatically recoups 50% of the amount, thus completing the loyalty cycle.
With this innovative proposal, FoodCoin not only boosts visits and customer retention but also gives hospitality owners complete control over their loyalty strategy, without requiring complex technical integrations or changes to their usual processes. The entire system is managed through a single app and operates with a simple VISA card.
Source: MiMub in Spanish
