The travel industry has been actively demonstrating interest in emerging technologies and cryptocurrencies in particular. For example, last November, German airline Hahn Air began to sell tickets on the blockchain, and Travala has been steadily expanding its crypto payment options.
One more entrant, a Vietnamese online ticketing agency Future.Travel , in collaboration with Canada-based tech firm Neutronpay , started to accept Bitcoin payments via the Lightning Network, according to their April 20 announcement .
In fact, Future.Travel has been supporting BTC payments for over six years but they recently added Litecoin, Bitcoin Cash, and Ether to its online payment options. Funds are converted at time of sale into the local Vietnamese currency.
The company expects that the LN integration will eliminate online fraud and associated credit card charge-backs. Besides, with the newly integrated solution, they expect to cut down the BTC transaction processing time to three or four seconds in most cases. It’s much faster than a normal Bitcoin blockchain transaction with processing times of 3 to 4 minutes or hours depending on network mining load.
As David Watson, general director at Future.Travel, commented:
“Being able to offer consumers real-time secure financial transactions is the main issue in developing a reliable, trusted, and growing online business. The Lightning Network is the next step to reducing overheads of both cost and time.”
He added that their Lightning Network payment methods are treated the same as cash so consumers have no additional in-bedding of credit card fees into the company’s pricing.
“It is a win-win situation where the consumer is not paying credit card fees and we as a merchant have reduced our costs of fraud and transaction processing to something that we can actually absorb and do not have to pass to the customer,” he added.
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