Cryptocurrencies and blockchain technology are transforming industries worldwide, and the travel and tourism sector is especially well positioned to be revolutionized by them.
With the rise of global travel platforms, alongside payment solutions like Binance Pay, crypto is unlocking new possibilities for travelers, merchants and service providers.
The travel industry inherently global and borderless is perfectly aligned with crypto’s decentralized nature.
A new era of travel essentials with crypto
Jet-setters and wanderlust-driven adventurers are increasingly turning to cryptocurrency for seamless, borderless payments.
Major global brands like Travala are leading the charge, offering universal crypto payments powered by Binance Pay.
With crypto, travelers can have an alternative to traditional payment solutions, which can offer less-than-optimal experience when used across borders or in places different from users’ native countries.
With digital assets, travelers can forgo the need for currency exchanges and hefty foreign transaction fees.
Crypto is rapidly becoming a popular payment method for modern travelers.
The numbers tell the story in just one year, between January 2023 and January 2024, transaction volumes for crypto bookings on Travala saw a 46% increase, with Binance Pay consistently ranking among the top payment options.
Travala has seen tremendous growth in the past year, with 80% of users paying for their travel in crypto.
The platform’s success is evident in its remarkable performance in July 2024, which became its best month ever in terms of gross revenue, room nights booked and flights booked.
Meanwhile, 82% of its bookings in July were paid for in crypto.
Similarly, Despegar a leading online travel agency in Latin America became the first online travel agency in the region to accept crypto for all its services.
Since it kicked off its partnership with Binance Pay in 2023, the company has witnessed a significant uptrend in crypto payments, with flights and travel packages emerging as the most frequently purchased items.
Top destinations include Buenos Aires, Rio de Janeiro and Cancun, and notably, 51% of these transactions were made via the Despegar app, primarily by first-time users under the age of 35.
Breaking down barriers with Binance Pay
One of the most immediate applications of cryptocurrency in the travel and hospitality industries is the facilitation of cross-border payments.
Crypto offers a…
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