Source: bbntimes.com

How Cryptocurrencies are Changing the Travel Industry?

Cryptocurrencies like Bitcoins are being accepted globally in several industries. The wide acceptance of cryptocurrency as a mode of transaction in the travel industry has contributed towards the flow of cryptocurrency for availing of travel services like booking air tickets, hotels, and other services.

The use of cryptocurrency for making transactions provides several benefits for both parties, and you can even trade-in cryptocurrency to make enormous profits within no time.

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1. Security in travel

Source: cio.com

Security is the most primary concern of every business and industry. The use of cryptocurrency for making payments has provided added security in transactions. Making payments using cryptocurrencies like Bitcoins is amongst the most secure methods of online transaction.

Cryptocurrencies help the travel industry to provide financial security to its customers. Also, with complete financial security, travel companies and other industries don’t have to worry about a data breach, and no data can be stolen from their servers.

Several companies in the travel industry are moving towards accepting cryptocurrencies as a more secure means of payment. Also, a transaction in cryptocurrency is easier to process for travel companies, and you can maintain a record of all the transactions with the help of blockchain technology.

2. Displacing online travel agencies and intermediaries

The use of cryptocurrency has made it possible for the travel industry to directly connect with its customers around the globe. If you are traveling to a different country it is difficult to book hotels and other services due to different currencies.

The only way to book online traveling services was through traveling agencies that dominated the customers to pay a much higher price for their services. The use of cryptocurrency as a payment method has helped the travel industry to displace online travel agencies and other intermediaries.

Now, travel companies can charge a fair price on their services with the use of this blockchain technology where the value of every cryptocurrency is the same worldwide. You can directly book services of these companies without paying processing fees.

3. Lesser inaccuracies and traceable payments

Source: accenture.com

Cryptocurrencies have made it possible for the travel industry to process transactions with lesser inaccuracies, and now it’s easier to trace payments of every customer with the help of blockchain technology. This has also helped the travel industry in avoiding online frauds and maintaining high security.

Cryptocurrencies transactions are unchangeable, and every transaction detail is recorded on the crypto blockchain network that avoids inaccuracies and makes it easier for these travel companies to trace any payments without taking much time.

The addition of cryptocurrency as a mode of payment has helped the travel industry to spot any accounting errors and mismanagement and solve customer problems and queries regarding confirmation of payments, providing a hassle-free travel experience.

4. Customer loyalty programs

Customer loyalty programs are an intuitive scheme used by the travel industry to attract more customers and make the existing ones keep using their services. Enabling transactions in crypto can actually help the travel industry to simplify the customer’s loyalty programs and be easier to process.

Now, travel companies can offer detailed information on loyalty points to their customers, and more loyalty tokens can be exchanged to get cashback offers or other rewards like discounts coupons of specific brands.

This helps customers to accept better deals and services for making payments using cryptocurrency. This also maintains data transparency and encourages the customers to stick to a specific travel company for using travel services.

5. Identification services and security checks

Source: fbi.gov

In the travel industry, security checks and identification services are very important to avoid any kind of fraud. While making a transaction in cryptocurrency, the information gets stored in the blockchain network and can be used to identify the actual customer.

It is easier for travel companies to verify payments for identification services and security checks to avoid duplicity in transactions and authentic payments. Cryptocurrencies have changed the travel industry by fastening identification services and security checks. The increasing online fraud has made cryptocurrency a suitable and secure payment option.

6. Single digital identity and smart contracts

Transaction in cryptocurrency offers a single digital identity-based on the ledger-based technology where all your transaction is recorded from the beginning. This helps the travel companies to identify and reward their loyal customers with cashback and discount offers.

The use of smart contacts to process every transaction also simplifies the task of verifying an individual and reduces processing time to complete a transaction. This also lets the travel industry maintain a proper record of the data of their customers with a single digital identity with complete data security.

7. Additional payment option

Source: bitcoin.com

By offering cryptocurrency as a mode of payment, travel companies can now provide an additional payment option to their customers to spend their cryptocurrency, thus encouraging customers to use services from a company where there are multiple modes of payment.

The additional payment option has brought flexibility in making transactions to the travel industry. This new currency has changed the travel industry to accept payments’ multiple options to encourage travel and making it more profitable for the travel companies.

Also, cryptocurrency is a decentralized currency. It has the same value globally, thus travel companies can offer their services at cheaper prices without including processing fees, etc. This additional payment option is indeed simpler to transfer globally giving the travel industry direct access with their customers.

The Bottom-line

The slow acceptance of cryptocurrency has also proved beneficial for the travel company by offering more secure payments and transparency to its customers, allowing them to retain their existing customers by offering them customer loyalty programs with the help of cryptocurrency.

It has helped travel companies to identify their loyal customers using smart contacts, and using a single digital identity helped faster verification of payment. As the use of cryptocurrency rises, it will bring more possibilities for every industry.

About Nina Smith

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