The much popular online ticketing agency Future travel has started accepting Bitcoin payments through the Lighting network. Lightning Network is a second layer technology that employs micropayment channels for scaling the efforts of Blockchain while transactions are done. It helps in the de-blocking of bitcoin and goes a long way in fees reduction. Those transactions which are done on this network are instantaneous.
Coming to the online travel agency, it will convert all the funds into local currency once the sale has been made. In order for this to take place seamlessly, Future travel has partnered with Neutronpay which is a Canada-based tech organization. It will create a platform for the travel agency which will cut down the transaction processing time to 3-4 seconds.
The travel agency is not new to the concept of Bitcoin as it has been supporting bitcoin payment for 6 years. It also has added to its kitty of payments other cryptocurrencies like litecoin, bitcoin cash, and ether to encourage more transactions. The transactions on the Lightning Network will also go a long way in reducing any scope in online fraud and credit card chargebacks. It is also expected to reduce the time of transactions as well as overheads costs in the long run.
The travel industry has indeed hit hard by the COVID-19 pandemic. Those sections of the world whose survival was based on the income generated from the industry have suffered a setback. But before the pandemic struck, the travel industry across the world has shown an increasing interest towards adoption in emerging technologies and cryptocurrency in particular. Hahn Air had also issued tickets on the blockchain technology last November thanks to its partnership with Winding Tree. Not just that, Travala which enables users to pay with digital currency for their hotel accommodation also has been working on strengthening its crypto payment options. The shift over has been quite beneficial for these companies as they are believed to be moving over from traditional troubles of transactions.
If not now, after the epidemic gets over, the move by Future travel will surely encourage people to purchase travel plans online without any ado.
Image Source – The Beauty of Travel