TravTalk Middle East Online Magazine
Industry leaders speak to TRAVTALK about what they think about cryptocurrency use in the Middle East.
Daniel Rosado Bayón Director – Spain Tourism Office – Tourism Counsellor GCC
We live in a fast paced world and technology is leading the change. Among the new developments cryptocurrencies are gaining more space in our daily lives and travel is no different. So, we are seeing an increase in the number of travel businesses and destinations where crypto payments are allowed. Always more options and easier ways to do things are good and positive. But companies should be aware of the risk, especially those smaller ones
with less resources and knowledge. Cryptocurrencies are expanding, but we have seen it’s a volatile asset and therefore entails risk consideration. Therefore, crypto’s demand will continue to grow, but given the challenges it poses and the upcoming economic situation, this growth will be at a slow pace. What crypto can add to the travel industry, which has historically been fragmented and paper base, is a single and transparent system for travellers to pay in a direct, faster and safer way.
Saleem Sharif, Deputy Managing Director – ATS Travel
Over the past decades, technology has brought about major changes to the travel and hospitality industries. This has basically led to smart tourism, and we can expect crypto and blockchain technology to revolutionize the travel industry in the coming years, enhancing the user experience tremendously. Although a few airlines and travel brands like Expedia have started accepting cryptocurrencies, this is in early stages. There is also a concern on its legality. Most countries have not legalized crypto payments except for those like El Salvador and Estonia.
Bruce Bromley, Chief Financial Officer and Deputy CEO of Soneva
At Soneva, we have always endeavoured to be a pioneer in the hospitality industry, hence accepting cryptocurrencies as a payment method is another example of enabling our international guests to easily make payments from anywhere in the world. Bookings can be made directly with Soneva’s reservations department and payment links can be arranged securely, from anywhere in the world. While any payments made using Bitcoin or Ethereum are 100 per cent non-refundable, credits can apply in line with Soneva’s
flexible Payment and Cancellation Policy.
Eric Barbier, CEO of TripleA
TripleA is thrilled to partner with Pomelo Pay to allow businesses like Soneva to accept cryptocurrency payments. With our partnership, businesses get to tap into the spending power of more than 300 million crypto owners globally, without bearing any price volatility risk. As a licensed cryptocurrency payments solutions provider, TripleA enables Soneva’s guests to make crypto payments without any risk. Used in conjunction with Pomelo Pay, a single frictionless payment platform, it facilitates cryptocurrency payments using secure QR code and payment link technology.
Vincent Choi, CEO of Pomelo Pay
We are excited to embark on this journey with TripleA and enable Soneva to accept cryptocurrency as a form of payment from travellers across the globe. Importantly, TripleA is a reliable crypto payment solution provider. So, it is the perfect working partnership for all of us. As more businesses look to innovate how they make and take payments, this is the perfect opportunity to move with the times. It not only gives consumers the choice to pay the way they want, but also facilitates the way businesses accept payments.
Antoine Medawar, Founder & Angel Investor – ExploreTECH.io
As the global tourism industry becomes more digital, cryptocurrencies and other blockchain technologies are becoming more prevalent. It is interesting to note that as per a study conducted by Traders of Crypto, travel currently ranks first among the top 10 crypto-friendly industries, with several travel giants, agencies, and even airlines accepting digital assets and crypto payments. Among other things, cryptocurrencies endeavour to enable travel and tourism players to offer secure payments.
Matthew Chapman, Co-Founder and CTO of Vibe
There are some travel companies that are now starting to accept crypto. But you need to understand that in almost all cases they are using some kind of intermediary platform to handle the payment such as Coinbase or BitPay. In other words, they are adding crypto as they might add any other non-major currency they do not currently accept or operate in, just like they might add South Korean Won or Singapore Dollars – and almost certainly they are converting that cryptocurrency into ‘fiat currency’.
