According to the official press release from the Corporate Traveller, at UK’s largest travel management firm, customers can now make payment using Bitcoin as the company has included this digital coin in its acceptable modes of payment. For this, the company has struck a partnership with BitPay, and according to the new agreement, payment done through Bitcoin will be accepted and processed according to the laid out procedure. Speaking on the occasion, firm’s General Manager in the UK, Andy Hagley said that the company has identified the increasing demand from its customers who want to do payment through Bitcoin. To process the payment, BitPay has been selected because of its competence and years of experience. BitPay will process the payment done through Bitcoin/Bitcoin cash and deposit the equivalent money to the organization’s account.
The press release of the company also hinted that the organization is not very concerned about volatility in Bitcoin prices as the cryptocurrency will be converted directly into pounds. BitPay is reportedly going to charge 1% commission for the conversion of the funds which according to the Corporate Traveller is more cost effective than processing fee charged by various credit card companies.
Travel Industry and Bitcoin
This case is not a stand-alone incident as many organizations around the world, especially in travel and tourism, have started accepting the cryptocurrencies for the payment. In the month of March last year, the National Tourist Board of Germany has announced accepting Bitcoin and other cryptocurrencies for payments. Later in the month of August 2018, a cryptocurrency payment platform TravelbyBit receives the grant from the Queensland to promote selling the tourist packages through cryptocurrencies. All these efforts are a fair indicator to the fact that payment via cryptocurrencies is catching the imagination of companies in the tour and travel industry.
BitPay Revenue and Credentials
BitPay is also climbing up the ladder of popularity quickly as it announced transactions worth more than $1 billion in the year 2018. Revealing this information in its January’s month release, the company announced that it has recorded an unprecedented increase in its revenue owing to the expansion of its services to other target segments including HackerOne and Dish Networks. BitPay also announced the partnership with Wikipedia as the latter wants to expand the scope of getting the donations through various currencies including the crypto ones. This new development is sure to give an extra boost to the adoption of cryptocurrency and might encourage other industry players to come forward and adopt the same procedure. However, it is to be noted that customer demand is the real reason behind the willingness of companies to accept the payment through crypto.