Trends for 2023: Paying for attractions and tourism with crypto currencies
What’s the trend? Up until now the only way to pay for a trip, flight or hotel stay was with “fiat” currencies such as dollars or pounds, points or Airmiles but thanks to technological innovations from the likes of fintech companies such as Revolut and Hayvn, cryptocurrency owners are now able to redeem Bitcoin and Ether, for example, on holidays.
Why will it matter in 2023? In the US, Insider Intelligence estimates that almost 13 per cent of the adult population now owns at least one type of cryptocurrency and by the end of 2023, about 3.6 million people will be spending crypto (previously it was just about investing and trading). This is a huge opportunity for the travel and tourism industry to adapt to new shifts in consumer spending. In summer 2022, Soneva Resorts in Thailand and the Maldives began allowing guests to pay for stays in crypto. In the autumn, experiential travel and yachting company, Pelorus, began accepting cryptocurrency payments for overseas adventures. In November 2022, Borrow a Boat began accepting crypto for boat charters. More companies will follow suit.
So, what now?
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