- Binance has entered a partnership with TravelbyBit to enable cryptocurrency payments at airports
- The first transaction has already taken place in Australia
- The platform has minimal setup fees and doesn’t charge the consumer or the merchant for use
Airports are one of the most important places in the modern world, serving millions of people per year and connecting the world as we know it.
Blockchain acceptance at air travel in recent years has been on the increase and it seems it is about to get a great boost thanks to a new plan to introduce cryptocurrency payment adoption at airports.
This comes courtesy of Binance which is investing $2.5 million in TravlebyBit, a crypto payment platform that is designed for travelers all over the world. With the backing of Binance, the platform’s network is looking to expand its reach over the next year and will take advantage of Binance’s user base to do so.
Considering the fact that Binance is the world’s largest crypto exchange, this project has great prospects.
“We are in talks with the most innovative retailers, airline lounges and airports around the world to roll out our blockchain payment system. Binance has over 10 million users now. We can channel those users to the retailers we work with at the airports.” TravelbyBit said.
Progress being Made
The use of the platform has already kicked off as TravelbyBit has just completed its first transaction at an Australian bar using Binance Coin (BNB).
Their first course of business is to turn Brisbane airport into “the world’s first cryptocurrency-ready airport.”.
TravelbyBit CEO Caleb Yeoh has spoken out about the challenges they have faced, revealing that the project took over six months of preparation and discussion and that working with mainstream businesses isn’t easy. He did, however, commend Brisbane airport for being open to the idea.
“The truth is we are only at the beginning of this movement and many large organizations are very risk-averse and prefer to take a wait-and-see approach. Only the most innovative ones take a bold step forward and lead the way. I must say Brisbane Airport Corporation and the Cater Care group at the airport are truly innovators in this space,” he said.
The new platforms make use of very little setup fees and do not charge any fees to either the merchant or the buyers. The firm also offers agent-assisted customized travel bookings.
