Quiznos CEO Shares Details on Bitcoin Pilot

On the heels of the announcement of Quiznos pilot pay with Bitcoin, HT caught up with Mark Lohmann, President of REGO Restaurant Group, which owns Quiznos and other national QSR chains and --soon -- Church's Chicken, to get additional details on the groundbreaking pilot.

HT: When does the pilot begin and end?

Mark Lohmann, President of REGO Restaurant Group: The pilot is starting in mid-August, and there is no set end date at this time. 

HT: Why is now the right time for this pilot? What advantage does crypto offer to guests? What advantage to the brand?

Lohmann: At Quiznos, we know the importance of understanding and responding to changing consumer interests and demands. This partnership presents a new and accessible way for customers to buy a meal, and positions Quiznos as a leading innovator in customer experience. 

HT: Some restaurants are skeptical about crypto. What convinced you to give it a try?

Lohmann: We saw a consumer demand – primarily driven by younger consumers – for cryptocurrency payment options, and Bakkt provides an innovative platform to meet that demand. Through this partnership, Quiznos offers the next generation of consumers new, innovative ways to connect to the brand. 

HT: What criteria/metrics will the pilot deploy to measure success?

Lohmann: Quiznos will closely monitor this pilot for the number of new guests and store traffic, as well as identifying how many customers are taking advantage of this new option to purchase meals.

HT: What software or hardware accommodations are needed? Or is it all accomplished via the Bakkt App? How are payments processed?

Lohmann: All payments are accomplished through the Bakkt app, and the bitcoin is then converted into USD. The system is easy to use and requires no extra hardware for franchisees or customers. 

HT: Will franchisees have additional accounting/reporting needs for crypto?

Lohmann: There will be no additional accounting or reporting needs for franchisees.