Travelers using cryptocurrencies for booking provisions spend more than twice as much as regular travelers using fiduciary money, according to a joint report of the Binance Pay and Crypto Work Travel Patula Shared with CinteleLEGRAP.
Reservations based on Crypto on Travala reached $ 80 million in 2024, compared to $ 45 million the previous year. Crypto travelers also spend their Fiat counterparts, with an average reservation value of $ 1211 per transaction, more than 2.5 times more than Fiat users who spend $ 469.
In addition, the report indicates that crypto users were three times more precious during their lifetime due to longer stays and repeated reservations higher, with cryptographic travelers 57% more likely to make a repeated hotel purchase.
Juan Otero, CEO of Travala, awarded these travel preferences to the flexible nature of web3 jobs:
“Many also work in the digital asset industry or have flexible and remote working lifestyles, which makes them more likely to travel frequently and stay in the same place longer while looking for destinations that support flawless world payments.”
Transactions based on cryptography have become more common in the travel sector and beyond. Airlines that have integrated digital currencies into their reservation systems experienced a 40% increase in reservations, travel and hospitality representing 14% of all cryptographic transactions in 2024, according to a February 21 report.
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The main advantage of using the crypto for travel is its worldwide user usefulness, Jonathan Lim, the world’s world’s remuneration chief, told Cintelegraph. “Travelers can skip foreign exchange lines, avoid foreign transaction costs and pay instantly using assets they already hold,” he added.
An increasing number of crypto users also lead to the increase in travelers using crypto to pay travel. Triple-A report shows that the property of cryptocurrencies has an annual growth rate made up of 99%, considerably exceeding the growth of traditional payment methods. Among crypto owners, 65% express their interest in using it for payments.
Founded in 2017, Travala is among the travel platforms of the most popular cryptocurrencies, which allows users to pay services such as flights, hotel stays and visits with 141 different cryptocurrencies, including Bitcoin (BTC) and USDC (USDC) via Binance Pay.
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Payment of cryptography is increasingly covers the retail industries
The first Bitcoin real world transaction – 10,000 BTC for two pizzas – occurred 15 years ago today, May 22, 2010, now commemorated as Bitcoin Pizza Day. Since then, cryptographic payments have developed in high -end retail products, luxury products and more recently, fast food.
The first retail companies to accept cryptocurrency payments mainly aimed at high income consumers. In 2021, the Philipp Plein fashion brand became one of the pioneers of Crypto acceptance, followed by Gucci, luxury watchmakers Franck Muller and Norgain, as well as high -end dealers and manufacturers.
As the base of crypto holders develops, more retailers are starting to accept digital currencies for daily transactions. On May 16, the Steak’n Shake of American fast food began to accept Bitcoin as payment.
However, even with the implementation of the Lightning network, a Steak’N Shake customer revealed that a $ 5 hamburger could cost more than $ 8 with network fees and take more than 20 minutes to confirm payment.
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With Binance Pay, payments are confirmed in a few seconds. LIM told Cointelegraph that “Binance’s remuneration operates as a closed loop payment solution outside the chain in the Binance ecosystem”.
However, most cryptographic travel payments on work are made using Stablecoins like USDT from Tether (USDT) and USDC de Circle (USDC). Binance remuneration transactions are finally converted to Fiat at the point of sale by the merchant or the payment partner according to a predetermined exchange rate.
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