As cryptocurrencies continue their rise in popularity, more and more consumers are using digital currencies such as Bitcoin to cover their travel costs. With the travel industry finally opening up, airlines, booking sites and hotel groups are increasingly accepting cryptocurrencies as an official payment method.
Which companies accept crypto?
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 including the likes of Cheap Air, Bitcoin Travel, Travala and Destinia.
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. Crypto payments are still not widely accepted at many retailers and experienced a minor setback with Expedia removing the ability to pay with Bitcoin.
How do you make payments using crypto?
Generally, the easiest way to buy anything with crypto is to use a crypto debit card. Customers are only able to make payments as a direct transaction or alternatively with a gift card. Crypto debit cards are preloaded with the respective cryptocurrency and the retailer receives fiat money as payment. The payment is processed by a third-party cryptocurrency payment processor to ensure the transactions are carried out seamlessly. A BitPay card can be funded from your preferred crypto wallet and used like other debit cards to pay for flights, stays, accommodations, restaurants and to get cash out from ATMs.
What are the advantages of using crypto to pay for your travel?
Although crypto payments are still yet to be widely accepted as a payment method, using crypto to pay for travel can offer a number of benefits.
Booking flights and hotel rooms is a fairly simple and efficient process and is similar to paying with a debit or credit card. The extra security offered by crypto payments is a particularly attractive benefit for travelers who may be making high-value purchases. Travelers using crypto may also be able to save money by avoiding exchange fees associated with foreign purchases.
Whilst cryptocurrency adoption within the travel industry remains in its infancy, it’s clear that institutional adoption of cryptocurrencies as an official payment method is continuing to grow. The efficiency in completing international transactions, as well as the security and transparency of public blockchain technologies, means more and more consumers are looking towards digital currencies when booking their vacations.