Cryptocurrency has become an increasingly popular payment method across a variety of industries, and the travel space is no exception. Now the travel industry has opened up again, acceptance of digital currencies is considered to be a way of helping the industry recover.
Which Companies Accept Cryptocurrency?
Cryptocurrency has emerged as an effective payment option for a range of different applications and platforms and is becoming increasingly mainstream. The number of companies embracing crypto is growing, with those such as Starbucks, AXA Insurance, Tesla and Mastercard allowing customers to use cryptocurrencies as an accepted payment method. More recently, we have seen travel companies opening their doors to the world of cryptocurrency payments and decentralized blockchains. Those companies include:
- Cheap Air
- Bitcoin Travel
- Webjet Exclusives
Travel companies such as Staysure, the UK’s largest provider of travel insurance, have also shown their interest in the currency, creating their interactive site ‘My Bitcoin Holiday‘ to display the rapid rate of bitcoin growth over the past decade. The brand has placed an emphasis on the benefits of long-term investment by charting the rise of bitcoin over the past decade in the novel medium of budgeting for a holiday.
What are the Benefits of Booking with Cryptocurrency?
Although there are a limited number of people currently booking their holidays using cryptocurrency, there is a likely chance that the number of people using crypto as an official payment method will rise due to the number of benefits, such as:
- Flexibility when booking travel
- Transparency – transactions through cryptocurrency are secured and verified through cryptography.
- Services for identification – blockchain has the potential to improve the efficiency of identification services. A fingerprint or retina scan can be used as a form of identification, allowing check in and airport wait-times to be reduced.
- Luggage Tracking – The decentralized nature of crypto payments can allow for tracking data to be shared across firms, meaning luggage can be tracked internationally.
Whilst cryptocurrency adoption within the travel industry remains in its infancy, it’s clear that we’re seeing various signals that adoption of cryptocurrency payments is continuing to grow. The growing popularity of cryptocurrencies is making traveling easier than ever. The efficiency in completing international transactions, as well as the security and transparency of public blockchain technologies, means more and more traveling companies are accepting digital currency for flights around the world.