Regal Cinemas has joined with the Gemini-linked Flexa platform to enable payments in several cryptocurrencies for movie tickets and concessions.
Regal Cinemas has joined with Flexa, a digital payment company, to take Bitcoin, Dogecoin, Litecoin, Ethereum, and the Basic Attention Token, among other cryptocurrencies, for movie tickets and sweets. Additionally, USD Coin and DAI will be accepted. This will be offered in Regal Cinemas in 42 states throughout the United States, which operate 514 theatres with 6885 screens. When clients pay at Regal with their Flexa apps, they may connect their Regal Crown Club Loyalty account to earn points.
Flexa is a merchant-centric platform that utilises the ERC-20 token Amp as collateral. As a staking incentive, this collateral gets additional Amp.
Regal has a long-standing relationship with Flexa, assisting it in enabling more efficient payments across a variety of assets and protocols, including the Lightning Network. Flexa allows digital assets to be accepted using current software and hardware.
Flexa’s Mechanism of Action
Over 80% of retail spending in the United States occurs in physical stores, and integrating cryptocurrency with the fiat payment rails used by physical stores has proven difficult and costly for retailers to adopt until Flexa abstracted away the complexities of engaging with a distributed ledger and digital wallets. Flexa signed relationships with prominent retailers such as Whole Foods Market and Starbucks in 2019 to accept payments through the Flexa app.
When a purchase is required, the Flexa Spedn app generates a barcode known as a “Flexcode” that onboarded businesses may scan to instantaneously approve and guarantee transactions. Flexa compensates retailers in convertible virtual money or in their preferred fiat currency. Flexa’s software development kit deducts the appropriate amount of cryptocurrency from the user’s digital wallet through the Flexa app. Customers must fund their secure SPEDN wallets with compatible digital assets.
Flexa has teamed with the Winklevoss twins’ Gemini exchange, which handles the sometimes tedious on-chain transactions, enabling the in-store system to run quickly. Without Flexa, micropayments with cryptocurrency at establishments such as Starbucks become impossible.
In November 2021, the AMC movie chain began accepting BTC, ETH, Bitcoin Cash, and Litecoin as payment methods. AMC’s CEO, Adam Aron, sponsored a Twitter poll asking whether people would accept Dogecoin as payment, to which over 70% of the approximately 120000 respondents said “yes.” This was followed by the addition of the ability to buy gift cards with Dogecoin, which could be used for movie tickets and concessions online.
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