One of the leading travel agencies in Latin America, Despegar, has partnered with Binance Pay and Inswitch to enable customers to pay for tour packages in cryptocurrency.
For starters, the offer will be available only to customers in Argentina.
Take off leads the way
The agreement, Announced by the world’s largest cryptocurrency exchange, Binance, made Despegar the first online travel agency (OTA) in Latin America to accept digital assets as a means of payment. Customers will be able to pay for hotel accommodations, flights, car rentals and cruise travel in more than 70 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Litecoin (LTC) and Ripple (XRP).
While the new option applies only to customers in Argentina, it could reach other South American countries in the future.
Paula Cristi, General Manager of Despegar for Argentina and Uruguay, said that the firm realized the merits of the cryptocurrency industry and argued that the offer will allow Argentines to “approach this universe in a friendly way.”
“We are proud to continue adding new alternatives and payment facilities so that more and more people fulfill their dream of traveling,” he added.
Maximiliano Hinz, director of Binance for Latam Cono Sur, stated that the main use case of cryptocurrencies is to facilitate payments. He is convinced that the sector is still in its infancy and believes that “adoption has a lot of room to grow”. The executive highlighted the partnership between Despegar and Binance Pay, describing it as an “important step” that could promote digital assets throughout society.
The payment method is supported by Inswitch, a global fintech company responsible for converting digital to fiat currencies. CEO Ronald Alvarenga commented:
“We are happy with this new alliance with Despegar and Binance, as it fulfills our commitment to democratize the payment industry and allow Despegar clients one more payment method by embracing the world of cryptocurrencies.”
Despegar is among the largest travel agencies in Latin America. It has more than 4,500 employees and spans more than 20 countries in the region, including Argentina, Brazil, Colombia, Chile, Mexico, Uruguay, Venezuela, Costa Rica, the Dominican Republic, and many others.
Crypto invades the tourism industry
Cryptocurrencies have already interacted with well-known global hotel chains. The Pavilions Hotels & Resorts, which has locations in Bali, Phuket, the Himalayas, Rome and Amsterdam, United with Coindirect in 2021 to enable payments in 40 different digital assets.
The Chedi Andermatt, a Swiss hotel in the Alps, did the same, enabling clients to settle their hosting in BTC or ETH instead of fiat.
Novotel Bahrain Al Dana Resortlocated in the capital Manama, W Dubai – The Palm and Palazzo Versace Dubai are also on the list.
It’s worth noting that the largest hotel chain by the number of rooms available, Marriott International, has also plunged into the cryptocurrency ecosystem. Unfortunately for the organization, it is among FTX’s many creditors.
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