Cryptocurrency has an opening in airline sector.
Cryptocurrency has been the talk of the town in the recent time. Be it the devastating crypto market implosion or the energetic entrance of crypto currency in diverse industries such as sports industry, real estate industry, food industry. Now cryptocurrency is again in the headlines, this time for something positive.
If the reports are to be believed, then it is heard that cryptocurrency is talked about in the airline industry and how would the introduction of cryptocurrency in the sector would help the growth and development process. The use of cryptocurrencies in airline sector is proposed to start in Spain soon.
Vueling and BitPay collaborate for cryptocurrency.
Vueling, which happens to be an airline company, a part of IAG, and Bitpay, a bitcoin payment service provider has collaborated to bring cryptocurrency into the sector. Both the parties have reached to an agreement, making it possible for the customers of the airline to pay using cryptocurrency.
The technology to be used by the Spanish Airline to facilitate cryptocurrency transactions is provided by UATP, which is the worldwide payment network for the aviation sector. The network also enables quick integration process, according to a report by PRNewswire.
Vueling a first of its kind.
The adherence of the partnership will eventually lead Vueling to become the first of its kind in the low-cost airline sector in Europe to accept cryptocurrencies like bitcoin and Ethereum as a payment method. The services are rumored to be available from the start of 2023. The service can be accessed by the customers and users of Vueling from the company’s website.
How will this work? Let’s see.
The ticket prices of the company will be viewed in Euros and the customers will be able to purchase their flight ticket using more than 100 wallets and 13 different cryptocurrencies, including Bitcoin, Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum, Litecoin (LTC), Shiba Inu (SHIB), and Wrapped Bitcoin (WBTC).
Usage of cryptocurrency to eliminate frauds and phishing.
The transactions that happen via cryptocurrency are also called as push transactions. From a layman’s point of view, a push transaction means the user is allowed to transmit the exact amount, avoiding withdrawal of money from regular credit or debit card. This method certainly gives the user an opportunity to eliminate the fraudulent activities and phishing.
Conclusion:
From crypto’s point of view, the introduction of digital assets into airline sector will really boost the process for the digital asset to revolutionize the financial sector around the world. From airline industry’s perspective, cryptocurrency gives the industry a chance to develop and grow in a positive style.