In a bold move to revolutionize restaurant payments, Blackbird Labs, spearheaded by Resy and Eater co-founder Ben Leventhal, has launched Blackbird Pay, a Web3 platform aimed at streamlining financial transactions for dining establishments. This innovative system, built on the company’s blockchain network, Blackbird Flynet, offers a significant reduction in settlement times and transaction costs, bringing the average fee down to around 2%, compared to the current 4% industry standard.
Blackbird Pay allows restaurants to receive payments in FLY, the platform’s native token, as well as traditional credit, debit cards, and USD Coin. This flexibility not only helps restaurants reduce costs but also enhances the customer experience by offering diverse payment options. The platform also introduces a unique Guest Value Score, which helps restaurants tailor rewards and perks to loyal customers, fostering a more personalized dining experience.
As the restaurant industry increasingly explores Web3 solutions, Blackbird Labs’ entry highlights the growing trend of integrating blockchain technology to tackle longstanding issues like high transaction fees and complex payment systems. The U.S. restaurant market is projected to surpass $1 trillion in sales in 2024, according to the National Restaurant Association, making cost-saving technologies like Blackbird Pay particularly attractive.
Blackbird Labs has secured $24 million in a Series A funding round, led by Andreessen Horowitz, to expand its offerings. Notable restaurants already using Blackbird Pay include Barbuto, Crown Shy, and Momofuku in New York, among others. The company is also developing additional features like messaging and discovery apps to boost restaurant traffic during off-peak hours.
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