According to a press release published on Business Wire, Corporate Traveller, the UK’s leading travel management firm, has partnered with BitPay in order to accept bitcoin and bitcoin cash payments “from its SME [small and medium-sized enterprises] customers for business and travel bookings.”
In the announcement, BitPay comments:
“We know blockchain payments provide a strong user case for travel, with customers now able to spend bitcoin on corporate travel bookings. We have seen big growth from airlines and travel agents who are tapping into the massive blockchain market.”
Bitcoin’s popularity in the travel industry stems from the borderless nature of distributed ledger technology, or blockchain, which bitcoin operates on. Rather than having to convert to local currencies, bitcoin is appealing because it is a universal digital currency.
With over 20 locations across the UK, Corporate Traveller, who’s one of the world’s largest travel companies, “has carved a niche in the market for providing travel management services to clients across the UK with an SME-size annual business travel spend of £50K to £2M.”
The UK General Manager of Corporate Traveller, Andy Hegley, noted:
“We identified an increasing demand from our clients for the option to pay in bitcoin for business travel bookings made by our travel consultants… The blockchain industry is growing exponentially and we are excited to be able to offer our clients the ability to pay in bitcoin, whilst having the reassurance of our settlement from BitPay being in pounds sterling.”
Some are critical of corporations accepting cryptocurrencies to only have it immediately converted into fiat. However, if a company wants to convert to fiat that is their right. In the end, there is another avenue opening for using cryptocurrencies. Maybe, as more regulatory clarity and confidence in cryptos comes in time, these companies will eventually choose to keep accounts for the digital currencies they receive as payments.