- >Travel Industry Reboots with Cryptocurrency Incentives
Travel Industry Reboots with Cryptocurrency Incentives
The travel industry is susceptible to world events. Perhaps more than any other industry. Just look at what happened to the travel industry after the March 2020 COVID-19 crash. Goliath companies like AirBnB had to completely revamp their strategy. Travel restrictions practically brought airline companies to a halt. Now parts of the world are considering opening up travel restrictions. This is forcing travel companies to think outside the box with respect to getting people to travel. Travel companies are incentivizing people to buy their services with cryptocurrency.
Keegan Francis | Apr 28, 2021
Cryptocurrency Travel Incentives
As the travel industry reboots itself after the COVID crash, travel companies will need to be open to receiving cryptocurrencies. This is exactly what one coin in particular is focused on providing. Travala is an Online Travel Agency (OTA) that gives their users the ability to spend cryptocurrency on travel. The platform just signed a deal with Expedia that allows users to book Expedia listings through the Travala website. Since then, the Travala token (AVA) has surged more than 30% in value. This is typical of cryptocurrency tokens that sign big deals with mainstream companies. Now users of Travala are able to book both flights, and hotels. Users are incentivized to use and hold the Travala token with discounts and cashback rewards. This holding and spending incentive is at the heart of the value proposition for the Travala token.
Crypto.com also offers users a range of travel incentives. Travel related benefits vary depending on how invested you are in Crypto.com. The benefits include.
- 10% discount on AirBnB
- 10% discount on Expedia
- Access to Crypto.com’s Private Jet
The last incentive requires you to buy and hold 500,000 MCO tokens (currently valued at $2.5 million dollars). So that last incentive is only for high rollers.
Cryptocurrency Makes Spending While Travelling Easy
Upon reaching a new country, one of the first things you might do is exchange your money for the local currency. It doesn’t hurt to have a bit of walking around cash for the local markets. What you might not realize is how much money you’re spending on foreign exchange fees. Trading USD for EUR costs you money. You can’t really avoid this by using your credit card either. Foreign exchange transaction fees are applied when you swipe your America based credit card abroad. So what is the solution?
There are some cryptocurrency companies aiming to solve this problem. Crypto.com is one of them. Crypto.com offers a crypto visa debit card. This card is tailored for the world traveller in more ways than one. This visa debit card allows you to load cryptocurrency onto the balance for spending. This way, you can swipe it at any ATM or payment terminal. What happens in the background is cryptocurrency (such as bitcoin) comes off of your balance, and the merchant receives whatever currency they are expecting. The effect is that you spend the amount of cryptocurrency you’re expecting and not a satoshi more. You won’t be hit with a surprise credit card fee for foreign exchange. Crypto visa debit cards make travelling the world much simpler.
A Whole New Crypto World
Cryptocurrency has been receiving a lot of attention since the March 2020 economic crash. One of the reasons is that governments have printed massive amounts of money to stimulate the economy. On the other hand, market volatility is just business as usual for the world of cryptocurrency. This might be why there is a new wave of business affected by the COVID crash willing to accept cryptocurrency in exchange for their services. Expedia is one of them. There is no doubt about it, cryptocurrencies are built for simple cross border payments. The merging of cryptocurrency and travel has been forecasted by many experts. Perhaps as the travel industry reboots after COVID-19, cryptocurrency will be an accepted form of payment.