The Rise of Cryptocurrency in Travel

As cryptocurrency gains popularity, it's making its way into various aspects of life, including travel. More travelers and businesses are adopting digital currencies for travel payments, providing several advantages that enhance the travel experience.

Tourists ride a longtail boat past Wat Arun temple along the Chao Praya river in Bangkok on December 19, 2024. (Photo by Lillian Suwanrumpha / AFP)

How Crypto-Backed Payments Work

Today’s technology allows users to retain self-custody of their digital assets, engage in secure transactions, and avoid costly currency conversion fees. An emerging trend is the use of crypto-backed payment cards, allowing clients to fund purchases directly with supported cryptocurrencies instead of converting local currency.

WeFi is a fintech platform at the forefront of this industry, offering spending accounts that enable individuals and businesses to pay with crypto using Visa debit cards with high limits. Users can connect personal digital wallets for instant transaction settlements, supporting multiple crypto tokens, including their native token, WeFi (WFI), which offers cheaper fees and rewards.

Using Cryptocurrency For Travel

In crypto-friendly destinations, an increasing number of travel providers and online booking sites accept cryptocurrency for payments. Crypto purchases can include:

• Booking flights, hotels, vacation rentals, and experiences
• Buying travel gift cards
• Earning loyalty rewards
• Paying tour guides and merchants
• Qualifying for exclusive crypto travel deals

Tech-savvy travelers prefer alternative currencies for flexibility and lower fees. Payments can be made directly with Bitcoin, Ethereum, Ripple, and more, often resulting in transaction discounts and lower fares.

Payments Are Efficient And Secure

Cross-border payments are typically more expensive due to fraud risks and complexities. However, blockchain technology enhances efficiency and fosters a safer business environment. WeFi, co-founded by Maksym Sakharov, uses blockchain to address traditional financial system inefficiencies, employing smart contracts for near-instant transactions less prone to human error.

Lower Conversion Costs

A significant advantage of cryptocurrency payment methods is the lower transaction fees, ranging from 0% to 2%, compared to traditional credit card fees of 1.5% to 6%. This reduction increases spending ability and lowers travel costs, making it attractive for both travelers and vendors.

Cryptocurrency For Travel Allows Self-Custody

Self-custody of crypto assets enhances security while traveling. Users can store balances in offline wallets and utilize WeChain technology for fast transactions. Partnerships with Cosmos, Ledger, and Gemini enable payments across networks, providing better control over finances.

Pendulum Rewards

WeFi operates its Pendulum rewards program to ensure liquidity and efficiency. Users can convert cryptocurrencies into WeFi tokens, earning rewards that lower processing fees, while node operators generate tokens for liquidity. The WeFi engine can seamlessly convert tokens into local currency for transactions, making it easier for travelers.

Final Thoughts

Modernizing payment options for international travel simplifies the experience and makes it more affordable, especially in crypto-friendly countries. Utilizing cryptocurrency for travel offers new ways to save money while maintaining financial control.