Here’s how cafés and bars use fintech to boost efficiency

They now implement self-service solutions.

Cafés and bars are increasingly integrating fintech solutions to optimise labor costs and enhance turnover rates, according to Euromonitor International.

The cafés and bars segment is expected to achieve a 7% CAGR globally from 2023 to 2028, outpacing the overall industry growth of 6%.

However, increasing competition and decreasing profit margins have resulted in a slower outlet expansion rate compared to the industry average. 

In South Korea, Toss launched a comprehensive payment POS terminal solution in 2023, supporting various payment methods, including cards and digital wallets. 

The self-service system allows café and bar staff to focus on beverage preparation rather than handling cash, significantly improving customer satisfaction by streamlining the ordering and payment process. 

Additionally, remote ordering via dedicated apps is gaining traction as customer preferences shift away from long queues. 

Tencent's investment in Luckin Coffee has also facilitated the integration of digital operations into WeChat in China, whilst PayPal collaborates with Ya Kun Café in Singapore for seamless online payments.