Digital wallets, crypto and payment developments in travel

Cryptocurrency is carving out a role in travel—from B2C bookings to B2B settlements—through stablecoin-powered payments and crypto-savvy consumers making high-value transactions. Although cryptocurrency still represents a small portion of global travel spending, industry leaders believe change is coming quickly. “Travel is an emotional and high-value purchase,” said Damien Cramer, senior vice president of global travel at Nuvei. “Seventy-four percent of customers won’t complete a booking if their preferred payment method isn’t offered.” While consumers are increasingly open to paying with cryptocurrency, businesses have been slower to adopt it, especially for B2B transactions. That may be changing as stablecoins offer more predictable value and faster settlement. “The speed and ease of stablecoin transactions are becoming more profound,” Cramer said.  During an interview in the PhocusWire studio with senior reporter Morgan Hines, Nuvei’s Cramer discussed how crypto is evolving rapidly and becoming more mainstream, with faster transactions and better fiat tracking. He also touched on how adoption is expected to grow particularly in industries such as hospitality, where the technology could mean a cheaper, more efficient way to transfer funds internationally.All episodes: https://www.phocuswire.com/in-phocusSee omnystudio.com/listener for privacy information.