openPR Logo
Press release

Crypto transactions leading credit cards in online purchase race

11-09-2020 01:26 PM CET | Tourism, Cars, Traffic

Press release from: Future.Travel

The Covid-19 pandemic has caused serious disruption to the way business is done on the street and online. Not all businesses are benefiting from the shift to online trading. Some businesses whose clients are unbanked or involve cross border transactions are disadvantaged as banks lock down credit card accounts to combat an increasing number of fraud related issues associated to cards. In some cases whole countries are restricted for transactions given the high volume of fraud issues. For some card users they suddenly find a credit/debit cards they use for overseas subscriptions or to buy online are no longer being accepted.

Some consumers have figured out the way around the problem is to pay using Bitcoin or other crypto currencies. With global acceptance of Bitcoin (BTC) as a means of value transfer, along with major investment funds buying large volumes of Bitcoin validating BTC as an asset, the public has started to shift their view on cryptocurrency. Before this recent shift some merchants were already accepting crypto as a form of payment. The bet on early adoption of the new technology is paying dividends as the shift begins to move toward crypto as form of payment acceptance at the point of sale.

‘We have been accepting Bitcoin for seven years,’ says David Watson of Future.Travel, ‘and online for about five years. It has always been a slow but reliable channel for sales. What we have seen since Covid-19 is that the channel is growing and in over the last few months has overtaken conventional payments for online settlement.” Watson said that “The traditional travel market is dead, what is left is the corporate must travelers, family repatriations, and family crisis travel. The exception to that broad brush is domestic traffic in some countries and Intra Europe travel. These last 2 market groups have seen substantial growth in the use of Bitcoin as means of payment.”

The recent purchase/adoption of BTC as an asset by Nasdaq-listed Microstrategy (USD$425m) and Stone Ridge Asset Management (USD$115m) appeared to open the gates for online transactions with October and early November settlements seeing triple digit growth rates as traditional banking pathways slowing due to economic and fraud/risk related contractions. Watson continued “Future.Travel’s online sales are down year on year as is the norm for the OTA community. What has been the stand out is our Bitcoin transaction continuing to grow and overtaking traditional payments. September saw Bitcoin/Lighting payments @ 72% of online sales and moving to close to 90% in October. November is tracking ahead as well. Total booking volumes are way down, but the upward trend for Bitcoin/Lightning transaction is very clear.”

 Future.Travel has used Italy based to provide Bitcoin based merchant services adding Canadian based in early 2020 for Lightning Network merchant services to facilitate Lightning Bitcoin transactions. https://Future.Travel is a Vietnam based bricks and mortar/ online IATA registered travel agency.

15/6 Le Van Huan
Quan Tan Binh
HCMC, Vietnam

press contact: Pham Thi Hue +84903820285

Future.Travel is a Vietnam based bricks and mortar/ online IATA registered travel agency.

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Crypto transactions leading credit cards in online purchase race here

News-ID: 2182965 • Views: 1377

More Releases from Future.Travel

The market has spoken and marginal alternate crypto coins are not the winners fo …
Online travel portal Future.Travel has removed the ability for customers to utilise the alternate coins, ETH, LTC, BCH for payment as online sales volumes of the alternate coins could not keep pace with Bitcoin or Bitcoin Lightning payments. David Watson, General Director at Future.Travel stated that a combination factors lead to the demise of the alternate crypto currencies. “The 3 currencies were never mainstream retail transactional currencies for us. The volumes
Future.Travel is by train across 3 continents
Asia based OTA (online travel agent) Future.Travel has enabled online ticketing for rail services in 25 countries for its online shopping portal. ‘The connection to rail is logical as the majority of intra-Europe travel is via rail travel.’ said David Watson, General Director of Future.Travel. The OTA has added 27,407 rail stations to their database covering 411,408 kilometres of rail networks around the world, including 140,000+ klm of high
Future.Travel implements Lightning Network transactions to reduce cost of flight …
Future.Travel, the Asian based global Online Ticketing Agency (OTA), has implemented the acceptance of payments via Canadian company Neutronpay using their multi-currency merchant platform for accepting Bitcoin (BTC) payments via the Lightning Network. Funds are converted at time of sale into the local Vietnamese currency. The Lightning Network is a Layer 2 solution for transfer of data using block chain technology to enable faster transactions than the standard protocols currently in

All 4 Releases

More Releases for Bitcoin

Bitcoin Up Review:Despite the fact that it is a complex world, the introduction of trading robots made it easier for newcomers to understand the world of cryptocurrencies. They can open the doors for passionate investors wanting to reap the rewards of these technologies capable of forecasting price movements and making judgments without any human assistance by democratizing the use of these sorts of assets with automated algorithms and artificial intelligence. Cryptocurrency
What is Bitcoin? Understanding Bitcoin & Blockchain in 10 Minutes.
Bitcoin's open-source code (software), launched in 2009 by an anonymous developer, or group of developers, that are known only by the pseudonym Satoshi Nakamoto. This ingenious codebase enabled a completely trust-less network between strangers. And both sender and receiver can remain anonymous, if they so desire. Bitcoin is not printed by a government or issued by a central bank or authority. Bitcoin is created by ingenious open-source code (software) installed on
Bitcoin Information Service Market May Set New Growth Story | Bitcoin Magazine, …
The Latest Released COVID-19 Outbreak- Bitcoin Information Service market study has evaluated the future growth potential of COVID-19 Outbreak-Global Bitcoin Information Service market and provides information and useful stats on market structure and size. The report is intended to provide market intelligence and strategic insights to help decision makers take sound investment decisions and identify potential gaps and growth opportunities. Additionally, the report also identifies and analyses changing dynamics, emerging
Bitcoin Association launches online education platform Bitcoin SV Academy
Bitcoin Association, the Switzerland-based global industry organisation that works to advance business with the Bitcoin SV blockchain, today announces the official launch of Bitcoin SV Academy – a dedicated online education platform for Bitcoin, offering academia-quality, university-style courses and learning materials. Developed by Bitcoin Association, Bitcoin SV Academy has been created to make learning about Bitcoin – the way creator Satoshi Nakamoto designed it - accessible, accurate and understandable. Courses are
Bitcoin & co., what are they ultimately for? Invest in Bitcoin halving expectati …
Eduardo Strecht Ricou, Libertex Senior Analyst I am often asked if I have a favourable or unfavourable opinion regarding the world of cryptocurrencies. I answer them with a question: "Do you know what Bitcoin is for?" They sometimes answer that they're "not sure" what Bitcoin is for, but that they heard the neighbour screaming out the window that he had made money buying and selling Bitcoin. What is Bitcoin? A new revolution in
Bitcoin going down, purchases for Bitcoin - grows
Coin2Shop analysts have published data about the number of buyers who use BTC and ETH to pay for goods in online shops has increased. And if in August the number of users of the company's plug-in did not exceed 400 accounts, and the number of purchases for cryptocurrency was almost half less - 231 transactions from August 10 to September 10, then for the same dates from October to November