Digital payment solution provider Travacoin has partnered with technology company Wipro for a blockchain payment solution to enable crypto payments for the airline industry.
Travacoin offers a digital payment system for airlines to refund and compensate passengers in case of a disruption. Wipro developed the blockchain payment solution to facilitate timely refund in the form of digital currency.
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The companies noted that customers would benefit from a reduced waiting time for compensation, while airlines are expected to have decreased administrative overheads.
Passengers can use the refunded currency to repurchase airline tickets, book hotels and for other airport and travel related services.
Travacoins can also be availed at retail stores in and around the airport. Passengers will also get discounts provided by retail partners.
Travacoin CEO Brian Whelan said: “With every delay, be it caused by a staff strike or a technology problem, comes an increasing number of claims from passengers. Airlines respond defensively, consequently losing customer loyalty as well as millions in hard currency along the way.
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By GlobalData“This solution offers airlines a cost effective way to reconnect with their passengers in a positive way, turning adversity into opportunity.”
The company intends to expand the blockchain payment solution to include other payment and settlement capabilities.
Wipro blockchain theme leader Krishnakumar Menon said: “The blockchain-based solution will help airlines optimise costs through the reduction of administrative overheads and facilitate quicker payments and settlements.”
