But where else, you may ask? Well, there is one industry that is extremely bullish on crypto for payments – Travel, the second-fastest-growing sector in the world.
The California-based airfare website, Cheapair.com, was the first to accept bitcoin for flight ticket bookings. Likewise, ABitSky is a travel agency connecting flights from Europe to other parts of the world specializing in bitcoin payments only. Latvian air carrier, Air Baltic, is another popular carrier accepting bitcoin.
Virgin Galactic, owned by billionaire Richard Branson, the first man to reach the edge of space in his own spacecraft, has long accepted bitcoin. (Image: Richard Branson travelling to space on VSS Unity)
And recently, the German travel booking site, GetYourGuide, started accepting Dogecoin as part of its expansion process in the US. “People want to put their crypto back into the system and travel is one of the biggest categories there is,” noted Johannes Reck, CEO and co-founder of GetYourGuide.
Why are young travellers quick to embrace crypto?
Alex Simon, the co-founder of Elude, a soon-to-be-released travel app, said ‘the next-gen vacationers are looking for modern ways to plan and book trips.’
Cryptocurrency appeals to the younger generation of travellers because of the lower fees, ease, and universality associated with it. “The ability to purchase your airline ticket or hotel through bitcoin or other cryptocurrencies is inevitable,” he added.
Travala.com, a blockchain-based crypto-friendly travel booking platform, currently sees a business of more than $1 million a week. And nearly 70% of all the bookings are done using digital currencies.
Nicknamed the ‘Bed-and-Blockchain’ (B&B) model, cryptocurrency is transforming the travel industry itself. Dtravel, a new decentralized home-sharing network, announced more than 2,00,000 properties in 2,000 plus cities around the world. Driven entirely by the community, the platform uses Smart Contracts and TRVL, its own native crypto token to conduct business.
Indians and Cryptocurrency
However, for Indians, bitcoin at present is more of an investment class rather than a payments facility. Lack of regulations has discouraged fintech startups to innovate in the travel segment. It is only a matter of time before Indian travellers enjoy the fruit of crypto-enabled vacations in India and abroad.
Nonetheless, many Indian companies have begun accepting digital currencies as payments. The Rug Republic, the Delhi-based decor brand, is the latest to join the crypto bandwagon. HighKart and Purse are two other prominent e-commerce stores that accept cryptocurrencies as payments in India.
P.S: KuberVerse is an educational initiative. Anything expressed here directly or indirectly is not investment advice. And we ask you to do your own research before investing.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
Table of content
Subscribe to Our Newsletter with exclusive content.