23 September 2023
BitPay, a leader in the Crypto payment space, as well as UATP, a supplier of global payment solutions, have partnered with Vueling to implement Bitcoin payments in early 2023. Vueling, a Spanish carrier owned by IAG, has teamed with BitPay, a major Bitcoin payment technology supplier, to begin accepting Bitcoin as a form of payment.
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What is Bitcoin?
To avoid the necessity for a central bank or other centralized financial institution in financial transactions, Bitcoin (BTC) was created as a virtual currency or you may call it "Cryptocurrency". It may be acquired on many platforms and therefore is given as a compensation to miners on the network for their efforts verifying payments. Satoshi Nakamoto, or a group of people adopting that identity, presented Bitcoin to the world in 2009. This digital money quickly rose to prominence and today dominates the market. As a result of its success, numerous similar digital currencies have emerged. All those other payment systems either aim to displace it or utilize it as a utility or security token in other blockchain systems as well as new forms of finance.
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About Spanish Airline - Vueling
Vueling has partnered with the Cryptocurrency platform BitPay as well as the payment network Universal Air Travel Plan to allow passengers to pay for their flights using Bitcoin (UATP). Reservations may be made in more than a dozen different Cryptocurrencies starting in the first quarter of 2023. Those in search of a solitary solution might choose this alternative. The low-cost airline Vueling would be the first in Europe to accept Cryptocurrency as payment. AirBaltic and LOT Polish Airlines were just two of several European airlines to start taking Cryptocurrency payments in 2014.
Having signed this deal, Vueling once more emphasizes its commitment to become a virtual aircraft. The staff as well as management are delighted to have chosen BitPay as the most dependable and secure partner for accepting Cryptocurrency payments from our consumers.
Crypto in the Travel Sector
There have been other airlines before Vueling, and there will be others after. Since partnering with BitPay in 2014, airBaltic has claimed with confidence that they were the first airline in the world to take Bitcoin. Over 300 airlines and travel businesses are now able to accept Bitcoin payments because of a September 2021 partnership between UATP, the aviation payment system, as well as BitPay. Dubai International Airport in the United Arab Emirates aims to take Bitcoin, while Australia's Brisbane Airport and Venezuela's Caracas International Airport already do.
The airline is teaming up with Universal Air Travel Plan Incorporated (UATP), a payments network provider for travel-related charges, to roll out the necessary infrastructure to take Bitcoin and other Cryptocurrencies as payment by early next year. Vueling would be the inaugural low-cost European airline to take Cryptocurrency thanks to a cooperation with BitPay and UATP. This option will first be made accessible on Vueling's site just for personal use.
Founded in 2011, BitPay is a global leader among blockchain payment processors. The firm has locations in North America, Europe, as well as South America, and it claims to have handled over $5 billion in blockchain payments over the previous decade. In 2014, the payment processor famously collaborated with airBaltic to become the Baltic carrier the 1st in the globe to allow Cryptocurrency payments.
In today's digital world, it's crucial to accept Bitcoin payments from customers. UATP as well as BitPay teamed together to provide this payment method to the airline sector, which is a direct response to the growing preference of Vueling's clientele for using Bitcoin for online purchases. Tickets are going to be priced in euros, and consumers may pay via any of the accepted Cryptocurrencies or BitPay ecosystem payment options.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.