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Bitnet Partnership Opens Up Bitcoin Transactions For Airlines, But Will They Use It?

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Bitnet Partnership Opens Up Bitcoin Transactions For Airlines, But Will They Use It?

Universal Air Travel Plan, the payment network serving several big name airlines including British Airways and American Airlines Group Inc. (NASDAQ: AAL), has inked a deal with Bitnet, a bitcoin payment processor.

The deal marks another huge hurdle for the cryptocurrency as it will allow 260 international airlines as well as Amtrak railways to seamlessly integrate bitcoin payments into their payment options.

Bitcoin And Travel A Perfect Fit

Supporters of the cryptocurrency are hailing this deal as a big advancement for the cryptocurrency, which has been on a downward trajectory despite high profile merchant partnerships and a regulated exchange opening.

Lower transaction costs and less chance of fraud are reasons many say the travel industry is a great fit for bitcoin integration.

Vice President of Solutions Strategy at Bitnet Akif Khan noted that fraud mitigation will be a huge potential upside for many airlines as once a customer has paid, that money can’t be taken away in a fraudulent transaction.

Airlines Have Yet To Put The Deal To Use

However, the partnership itself doesn’t mean the cryptocurrency will be easily adopted. Since the bitcoin payment option became available on Tuesday, none of UATP’s customers have chosen to add it on.

Related Link: MyCoin Ponzi Scheme Another Setback For Cryptocurrencies

Companies like Expedia Inc. (NASDAQ: EXPE) and CheapAir have led the charge in incorporating bitcoin into the travel world, but with mixed results.

There is still a lot of mistrust surrounding digital currencies, especially after another Asian exchange closed over the weekend leaving several thousand investors without access to their funds.

 

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