With this partnership, users of UATP’s network will enjoy faster, less expensive, and more secure transactions while booking their flights with their crypto holdings.
Global payment network UATP has announced a new partnership with the largest provider of Bitcoin and cryptocurrency payment services globally BitPay.
UATP is owned and run by the world’s airlines. It is the choice provider of thousands of merchants for air, rail, and travel agency payments. The firm provides alternative forms of payment to help the airlines expand their reach globally and increase sales.
BitPay has processed more than $5 billion blockchain payments since its establishment in 2011 making it one of the most used payment services. It is one of the oldest cryptocurrency companies with a mission to revolutionalize how businesses and people send, receive, and store money.
The payment service offers a digital asset management solution that helps to eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency.
A recent Pymnts.com survey revealed that travel and leisure were among the most purchased things using cryptocurrency. With this partnership, users of UATP’s network of airlines will enjoy faster, less expensive, and more secure transactions while booking their flights with their cryptocurrency holdings.
Users of the network will be able to transact with Bitcoin, Dogecoin, Ethereum, Litecoin, and six other popular cryptocurrencies when traveling.
Again, with BitPay, millions of new global customers who already possess crypto wallets will be attracted to UATP since BitPay supports all crypto wallets.
In his statement, President and CEO of UATP, Ralph Kaiser opined that “The UATP – BitPay partnership brings together the perfect combination of two experts in airline and cryptocurrency payments.”
He noted that embracing crypto payments in the industry could be a game-changer. Additionally, he stated that the “partnership creates the opportunity for the airlines to attract new customers and to be a first-mover in this very exciting space.”
Speaking about the partnership also, Co-Founder and CEO of BitPay, Stephen Pair stated that “cryptocurrency continues to gain momentum as a safe and trusted payment option, especially for high-value purchases like travel. BitPay’s partnership with UATP provides their customers with the inherent benefits of blockchain payments without having to handle, hold, or buy crypto themselves.”
Currently, Bitcoin has a market capitalization of over $1 trillion making it the 5th largest currency in the world. The digital currency, like many others, continues to enjoy increased adoption globally. There have also been several crypto-friendly news in recent times. This has made retail investors excited and more companies continue to seek ways to integrate into their system, what has been touted as the internet of the future.