From the beginning of this week, KFC in Venezuela will be accepting payments made in Dash. This decision has seen KFC Venezuela become the latest fast-food chain to accept virtual currency in the country, in a growing list that includes Papa John and Subway.
Established Businesses Using Dash
According to the Forbes report that broke the news, KFC will be making this program accessible to its store based in the nation’s capital Caracas. Thereafter the program will be rolled out to the rest of the stores based in the country, twenty four in total.
Dash Text and Dash Merchant Venezuela co-founder Alejandro Echeverría has been closely collaborating with KFC in the promotion of broader adoption of Dash within Venezuela. This working partnership has been on for three months now.
Alejandro Echeverría has intimated that there are currently 2,445 merchants within the country accepting Dash. He has said that the Dash movement is fast spreading in the country stating that while in the beginning only small family businesses and fast food trucks were the only ones using Dash, currently even established businesses have come into the fold.
Push For Greater Dash Adoption
Last month Echeverría unveiled the Dash Text which is a Crypto transaction service, based on the SMS that requires neither the internet nor a smartphone to operate. This new Crypto service is especially suited for Venezuela which has more than half its population living well below the poverty line. Current statistics show that more than sixty percent of the population has no access to a smartphone. Furthermore, the nation has a limited access to internet services.
Alejandro Echeverría’s second endeavor, the Dash Merchant Venezuela, aims at pushing for the increased adoption of the Dash in a state whose fiat currency has been devastated by the ever-growing hyperinflation. The IMF (international monetary fund) foresees the nation’s annual inflation rate ballooning to a whopping 1,000,000%.
Alejandro Echeverría is hopeful that soon the virtual currency will be accepted as a store of value and the chosen mode of payment. He has registered his enthusiasm for the coming year where he hopes to see up to ten thousand merchants accept Dash payments.
KFC Increasingly Accepting Crypto
Dash is more widely accepted in Venezuela as compared to Bitcoin and every other virtual currency due to its fast confirmation of transactions. Bitcoin transactions take anywhere between minutes to an hour to confirm while Dash takes an average of two minutes to do the same. Four months ago Dash’s price saw a twenty percent increase with the news of a boost in its adoption in the country.
KFC’s move to accept Cryptocurrency in its / stores is not very surprising seeing as the fast food chain store has been seen to be dabbling more in the Crypto space. Earlier in the year is Canada stores announced a Bitcoin Bucket offer which allowed customers to pay in the virtual currency.
Within an hour of the offer being made available in the stores, it was sold out.