Hard pressed Cairns businesses are turning to digital currency to help them through the COVID-19 crisis.
One of the city’s best-known espresso coffee cafes, Bang & Grind, in Spence Street has started accepting Australia’s newest digital currency, Qoin as an alternative to cash to help the business get through the current tough economic times.
“I have dabbled in digital currency before as a bit of a hobby, but Qoin is Australian based and headquartered in Queensland, so it is something I can touch and feel and that gives me some comfort,” says Bang & Grind owner, Tony Barr.
“I am no digital currency expert, but I do know that digital currency is getting more and more popular and businesses in Cairns like mine, which have seen a 40% drop in turnover this year, have to make every post a winner.
“We took over Bang & Grind just over four years ago and it is a good business, but this is the toughest year we have seen by a country mile.
“I am no digital currency expert, but I do know that digital currency is getting more and more popular and businesses in Cairns”
“Qoin gives our customers a choice in the way they pay and the fact that it is based here in Queensland is a bonus for me.”
Mr Barr said international visitors to Cairns frequently enquired about the use of digital currency as an alternate payment system to cash.
“For us, the time to introduce Qoin is now. It is the right product for what is happening right now when Australians are being told and encouraged to find alternatives to cash.
“There are now over 11,000 merchants and businesses like mine using Qoin throughout Australia and I am very keen to see where it leads.”
In the last nine months, more than 11,000 Australian small businesses have joined Qoin, the newest digital currency. Built on blockchain, Qoin offers merchants and consumers an innovative and secure alternative to connect and interact.
Qoin Australia Chief Marketing Officer Andrew Barker says, “Merchants and consumers are becoming more aware of the concept of digital currency. Global trends indicate that digital currency is the future way to conduct business.
“Supporting small business is the cornerstone of Qoin. The Qoin model stands apart from other digital currencies in that the value of Qoin increases as the merchant ecosystem grows. The more businesses that join the Qoin community, the more everyone benefits, providing a vital boost to local economies.
“Now more than ever, Australian small businesses are looking for innovative ways to sustain cashflow and make the most of their down time. Qoin enables them to do both while offering a payment method to their customers that is fast, secure and virtually contactless.
“Qoin has had huge take up in Australia with more than 11,000 validated merchants joining the Qoin community in the first nine months. With Qoin launching into New Zealand and further global expansion planned in 2021, Qoin is confident that this success can be replicated in other countries.”