Crypto is fast becoming an integral part of the travel industry and experiencing widespread adoption. A lot of travel booking websites now accept crypto as a payment option.
Who would have imagined twenty years ago that you could go to several nations using just one currency without worrying about currency exchange? Thanks to the development of cryptocurrencies, you may now travel anywhere in the world without having to carry cash in your wallet or exchange currencies.
With the popularity of digital assets like cryptocurrencies rising, it is now easy to acquire cryptocurrencies with a credit card and send money from one person to another. The major issue with adopting cryptocurrency is acceptance, though. Get a list of travel agencies that accept cryptocurrency before you leave, then select the one that best fits your itinerary.
- How Cryptocurrency is Changing the Travel Industry
- Major Travel Booking Websites that Accept Cryptocurrency
- 5 Startups Harnessing the Potentials of Blockchain for Travel Booking
- Crypto-friendly Destinations Around the World
- 10 Common Cryptocurrencies Used in the Travel Industry
How Cryptocurrency is Changing the Travel Industry
A rising number of businesses are embracing and using bitcoin in their operations. The travel sector is not exempt. Every day, many blockchain-based projects are made to solve some of the problems in the tourism industry.
For example, Accenture and the World Economic Forum recently worked together to create the Known Traveler Digital Identity System. This blockchain protocol gathers and hosts data from regular foreign travellers to simplify their subsequent customs declaration and clearance processes.
It is becoming more and more clear that blockchain technology and cryptocurrencies will have a significant impact on the travel sector. Here are a few of the anticipated effects:
Easy and Transparent Payment Options
According to a recent survey, 22% of American travellers now choose cryptocurrency as payment. The business community also anticipated this change in customer preferences and wasted no time developing platforms to meet this escalating need.
LOT Polish Airlines, AirBaltic, and other airlines already accept cryptocurrency payments. By accepting cryptocurrency as a form of payment, the travel industry will be better able to reach the rapidly growing number of people who use cryptocurrency.
Redefining Loyalty Programs
The framework of loyalty programs, which is essential to the travel industry, has been redesigned in response to the acceptance of cryptocurrencies as a form of payment. Loyalty programs are crucial for businesses to compete with aggregator platforms and keep customers coming back.
For instance, flyCoin will be used by Northern Pacific Airways to reward frequent flyers. Customers can use the token to get free flights and premium airline status. With the advent of cryptocurrencies, cashback is now an investment. Every time they purchase a trip, travellers invest, earning coins that can be used to purchase other adventures.
Moving Away from the Era of Physical Tickets and Manual Confirmation
Non-fungible tokens (NFTs) are also expected to play a big part in the future of the tourism business. NFTs can be used as a ticket or passport to get access to products and services in the travel industry in a way that is clear and can be checked.
Travellers may easily save all the data in their verifiable wallets with NFTs, reducing the possibility of fraud while improving the consumer experience.
Although NFT adoption in the tourism sector is still in its infancy, there are unquestionably enormous benefits for the sector. Some businesses are already pioneering the use of NFTs. For instance, LynKey, a worldwide platform that uses blockchain and artificial intelligence (AI) to power premium resort and vacation properties, has unveiled a marketplace project for tokenizing and providing NFT solutions for travel and tourism.
Major Travel Booking Websites that Accept Cryptocurrency
These leading travel websites provide efficiency in transactions by allowing cryptocurrency payments. A growing number of businesses globally now accept bitcoin and other significant cryptocurrencies for various transactions, operations, and investment needs.
Integrating blockchain and cryptocurrency has had a significant positive impact on tourism. It has greatly automated and secured the transactional process. Many online travel agencies allow payments in Bitcoin and other cryptocurrencies. The best travel websites that accept bitcoins are highlighted in this post.
As a blockchain-based platform for booking travel, Travala offers the widest range of cryptocurrency payment choices and takes conventional credit and debit cards. Users can use digital currencies to make reservations from a list of more than 2 million distinct hotels, airlines, and other services.
One of the top online travel agencies that accept cryptocurrency payments is Alternative Airlines. With the addition of cryptocurrency payment alternatives, the platform is expanding rapidly and drawing in many users. More than 40 foreign payment gateways allow customers to pay in more than 160 different currencies.
One website that accepts Bitcoins in large quantities is Destinia. Travellers can look up flights, lodging, automobiles, trains, airport transfers, and other services. The website also lets users set spending limits and plan comprehensive theme-based getaways.
For its customers, CheapAir guarantees low prices on lodging, transportation, and flights. In addition to allowing payments in well-known cryptocurrencies like Bitcoin, the site also provides pay-over-time plans with low APR and price drop paybacks, which can award customers credits if their purchased flights become less expensive later.
Bitcoin.Travel is another platform that accepts bitcoin as a medium of payment. One of the most dependable ways to buy a plane ticket using cryptocurrency is through this platform. It functions like a travel agency by linking other platforms to present a list of flights and hotel reservations. Users can compare reviews, prices, and other details before making their selections and booking at their convenience.
TravelbyBit is a well-known travel website that takes Bitcoin as payment. The user interface is really easy to use and engaging. All significant cryptocurrencies, including Bitcoin, Ethereum, Binance Coin, and Litecoin, are accepted by TravelbyBit. Reviewers have given the site numerous favourable comments and are rapidly gaining favour.
Berkeley Travel supports variable pricing and takes Bitcoin as payment, acknowledging that many of its customers use other currencies. If the flight is delayed, the luxury travel agency will handle the hotel transfers and ensure the room is ready when you arrive.
ETravelSmart is an online bus reservation service in India that accepts Bitcoins using a platform called Unicoin. The platform and Unicoin collaborated to provide mobile-friendly smart payment solutions that can be used to get discounts and other incredible benefits. com: Xceltrip offers travellers a wide range of options regarding the cost and luxury of their trip. A decentralized travel and tourism economy gives customers direct access to travel service providers.
You may use Bitcoins to purchase flights and exclusive deals on BTCTrip. Because it takes several wallets, including GoCoin, Litecoin, and Bitcoin, this travel service is categorized as a cryptocurrency community.
5 Startups Harnessing the Potentials of Blockchain for Travel Booking
With a range of services intended to improve and modernize the travel experience, blockchain is challenging the status quo of the present travel environment, which includes negative reviews, lengthy queues, inconsistent booking procedures, and exorbitant prices. With blockchain, relationships that are mutually beneficial and add to the overall value can be built and strengthened. Here are some travel startups that have integrated Blockchain technology into their system;
This is a big one. Blockskye wants to unseat the Global Distribution Systems (GDS) that the travel industry’s service providers utilize to conduct real-time business. It would be impressive to see a blockchain application handle the use cases that GDS still serves, even though GDS has gotten more specialized. If Blockskye can pull it off, only time will tell. We hope that this helps you get a feel of how blockchain technology will affect the travel startup industry in the future.
When travelling, having your health verified is a stressful proposition. Meanwhile, whether from a border agency or any other third party, health and identity—two particularly sensitive data categories—need to be protected. Enter Zamna, which was recently chosen by a pilot program of the International Civil Aviation Organization of the United Nations to aid in pandemic recovery in the travel sector. This business highlights the blockchain’s cryptography capabilities by leveraging the technology to validate health information and identity without jeopardizing data storage.
Winding Tree is a blockchain-based startup that uses the LIF Token to directly connect travellers with service providers such as tour guides, hotels, and airlines. This helps minimize the associated fees for travellers and reduces the costs incurred by service providers. It uses the ERC 827 protocol and smart contracts to offer better savings for the stakeholders of the travel industry. Its non-profit status ensures no middlemen are involved in adding unnecessary fees to the booking process.
Inaccurate hotel bookings often cause anxiety and stress in your travel experiences. Webjet, a popular online travel agency, has designed a new model to avoid irritating booking experiences. Webjet’s system enhances the consumer experience by recording all the entries on the blockchain’s immutable ledger, thus reducing the likelihood of lost or mistaken bookings and the layers between sellers and consumers. The improved security features of blockchain offer better protection for the entire travel ecosystem. It offers a great level of accountability and transparency for users.
On the subject of travel, Jet Token offers a smartphone app for booking flights on private jets, a sector that, to use a cliché, really took off during the pandemic. The Robb Report, which examines the worldwide luxury industry, informed us in January last year that new clients to private aviation had increased by 300% year over year, primarily for personal travel.
Jet Token is distinctive because it employs a blockchain platform constructed on Ethereum (ETH-USD) to let clients book flights more effectively and at the lowest possible price. This may make private flying accessible to a huge new market of consumers who previously couldn’t afford it.
Crypto-friendly Destinations Around the World
Wherever you live around the world, these crypto havens are ideal locations for expanding your business. Let’s look at some of Asia’s crypto-friendly countries!
Ljubljana, the capital of Slovenia, is unquestionably the most cryptocurrency-friendly city in all of Europe. Travellers seeking to leave their fiat at home could consider this utopia because 72 stores and 33 sporting venues accept payments with digital currencies. Coincidentally called “BTC,” Slovenia’s largest shopping centre aims to establish itself as a “Bitcoin City.” Slovenia has more physical locations taking cryptocurrency payments than the entire United States did in the previous year.
When it comes to Asia’s crypto-friendly nations, Singapore tops the list. It is well-known as a fintech hub in the eastern part of the world. The government of Singapore has made it clear that it is eager to learn more about bitcoin. The Monetary Authority of Singapore has high expectations for the cryptocurrency industry and has put in place security measures to guard against money laundering and other illegal conduct. Singapore is one of the greatest locations to visit if you’re an Asian investor interested in cryptocurrencies because there is no capital gains tax on trading cryptocurrencies.
Hong Kong has no VAT or capital gains taxes on bitcoin. Income tax will still be due whether a business receives HKD or BTC. You can submit a report in any currency.
Malaysia is located on the northern section of the island of Borneo and partly on the Asian mainland. The regional administration has made it plain that it wants to promote the use of blockchain and cryptocurrencies. Particularly in the nation’s three main economic sectors: the production of palm oil, renewable energy, and Islamic banking.
The blockchain or cryptocurrency community predicts that Vietnam will soon be a hub for developing these technologies. The Vietnam crypto and Blockchain Week conference, which was organized by Infinity crypto and Blockchain Labs, attracted over 2,000 attendees the year before.
Thailand is a popular travel destination because of its white sand beaches, majestic palaces, and ancient Buddhist temples. In fact, with around 20% of the GDP and 21% of all jobs supported by it in 2019, tourism is one of the country’s most important economic sectors.
To entice bitcoin investors, notably those from Japan, TAT originally disclosed in February that it would accept cryptocurrency payments at tourist attractions. However, because Thailand does not recognize cryptocurrencies as legal tender, accepting bitcoin payments is more challenging said than done. According to Supasorn, TAT will have set up the appropriate framework by the time limitations on overseas travel are lifted.
According to a Bloomberg story, the authority will develop a new division in the coming year to establish a brand-new tourism environment, issue its own digital token called TAT Coin, and create a wallet. Together with Bitkub, the Bank of Thailand, and the Thailand Securities and Exchange Commission, TAT is already working on the proposal.
Finally, the Philippines has elevated blockchain to its policy priorities list. According to the nation’s central bank, the Covid-19 outbreak has resulted in a dramatic rise in cryptocurrency adoption.
Through well-known blockchain-based games like Axie Infinity, the long isolation period introduced the notion of digital tokens to the Philippines’ expanding middle class and tech-savvy millennials. The game, which brought in US$1.3 billion in revenue last year, reportedly once had 40% of its users residing in the Philippines.
Similarly, in July this year, Bitcoin trade volumes on some peer-to-peer cryptocurrency exchanges reached new highs. In the first half of 2021, the number of bitcoin transactions increased by 362% yearly, reaching about 20 million.
10 Common Cryptocurrencies Used in the Travel Industry
Since blockchain and crypto for the travel industry are still in their early adoption phase, there aren’t too many travel or tourism cryptocurrencies available worldwide. Here are some of the most used tourism cryptocurrencies in the travel industry;
- TravelNote (TVNT)
- Kemacoin (KEMA)
- BlackPacker Coin (BPC)
- Xcel Token Plus (XLAB)
- TripCandy (CANDY)
- LockTrip (LOC)
- Travala.com (AVA)
- TriipMiles (TIIM)
- EvenCoin (EVN)
- Heron Asia (HERON)