The digital revolution sparked innovations in banking and currencies, creating a movement towards a cashless society. Some countries have begun to slowly eliminate fiat currency all together. Canada, for instance, stopped producing and distributing pennies in 2013. A more recent innovation that spurred another currency revolution is blockchain technology. Blockchains power digital currencies, or cryptocurrencies, such as BITCOIN and ETHER, the currency based on the ETHEREUM network. Cryptocurrency adoption has exploded over the last 5 years and crypto asset users jumped by over 100 million between June 2023-24 (Statista). The ramping up of cryptocurrency adoption has presented new opportunities for travel businesses as digital assets have proven to be complementary to the travel industry. Offering cryptocurrency as a payment option for travel purchases delivers benefits for both travelers and travel business.
Digital Currencies Create Benefits for Travelers
Cryptocurrencies, such as BITCOIN and ETHER, have exploded in popularity over the last few years and adoption rates are driving higher as more users see the benefits of digital currencies. In the travel sphere, cryptocurrencies deliver significant benefits and conveniences to travelers as society continues towards a cashless ecosystem. Travelers can realize the following benefits when using crypto during travel:
- Eliminates the need to carry paper or fiat currency which can be lost or stolen
- Linear exchange rates across the globe
- Saves valuable travel time by reducing the need to seek local currency exchanges
- Real time account transactions and updates
- Peace of mind with layered security and cold wallet storage options
Both leisure and business travelers are quick to adopt new technologies that offer real conveniences and elevate experiences. Cashless options such as BITCOIN and ETHER, the asset based on the ETHEREUM network, are the latest innovation in global currencies and can deliver needed and desired benefits that travelers demand.
Travel Businesses Drive Crypto Adoption
Cryptocurrency as a payment method is becoming more common in online ecommerce and travel businesses are starting to take note. Digital currencies, such as BITCOIN and ETHER, the asset based on the ETHEREUM network, are being offered as payment options at many travel related businesses including:
- Online Travel Agencies (OTAs)
- Regional and smaller car rental businesses
- Hotels and resorts
- Tourist centered merchants and tour providers
Major OTAs such as CheapAir.com and Destina accept BITCOIN as a payment type and even highlight transactions and personal client stories to spotlight the use of digital currencies. Traveling with cryptocurrency is becoming easier with more vendors and travel providers opting in to accept global digital currencies.
Cryptocurrency Solutions for Travel Businesses
Smaller travel providers can see the greatest benefit by offering cryptocurrency payment options and technology can help businesses easily accept digital currency payments. Innovations in mobile and web modular technology can provide low resource and seamless plugins that work within existing online frame work. TripReMIT is a brand new technology that is designed to allow small travel providers and businesses the ability to tender cryptocurrencies for travel purchases. Travel businesses can tap a brand new buying demographic by allowing cryptocurrency payments for their products. TripReMIT uses the latest in layered security to ensure peace of mind for the travel client and travel business. TripReMIT can also provide detailed purchase and transaction reporting and works within the existing stylization and palette of the brand for that seamless user experience.
A Global Currency for a Global Business
The world is moving towards a cashless society and cryptocurrencies are set to play a major role in global financial ecosystems. The borderless nature of cryptocurrencies is parallel to the global nature of the travel business and digital assets are becoming more mainstream within the industry. For travelers, cryptocurrencies offer conveniences and benefits such as linear exchange rates and a purely digital experience. Travel businesses that enable cryptocurrency payments online may see increased transactions from an entirely new group of purchasers that solely use digital currencies. Innovations in cryptocurrency payment technologies have increased security and speed of transactions and small and midsize travel businesses can easily enable cryptocurrency payments with a seamless plugin such as TripReMIT. As cryptocurrency adoption continues to race ahead, travel businesses should consider offering cryptocurrency payment options to stay within current payment trends and preferences.