In recent years, the rise of cryptocurrencies has dramatically transformed various industries, creating new opportunities for innovation and engagement.
As major brands in the travel and retail sectors begin to embrace this digital revolution, the ways consumers interact with services and products are evolving. From hotels and airlines to cosmetics and coffee chains, companies are increasingly integrating cryptocurrency as a valid payment option, catering to a growing demand for flexible and modern transaction methods.
In this article, we explore how these pioneering businesses are riding the crypto wave, highlighting their initiatives and the implications for consumers and the broader market.
Hotel crypto
Global travel company Expedia has boldly embraced the crypto trend through a pioneering business partnership. During the peak of the coronavirus pandemic in 2020, Expedia Partner Solutions (ERS) launched a collaboration with Travala.com, a leading accommodation booking platform specialising in accepting cryptocurrency.
Powered by EPS’s Rapid API, more than 700,000 Expedia Group hotels and accommodations can be booked via Travala.com. On the website, travellers can book trips using more than 30 forms of cryptocurrency, including Bitcoin, Ether and Tether.
Making the announcement, Alfonso Paredes, Senior Vice President at Expedia Group, said: “At EPS, we are passionate about innovation and recognise that booking and payment choice continues to evolve in a fast-changing world.
“Our aim is to support Travala.com to scale their business faster than ever before. Through our expansive travel supply, partner support and cutting-edge technology, we specialise in helping partners like Travala.com build fantastic experiences for their travellers.”
Adding his thoughts, Juan Otero, CEO and co-founder of Travala.com, said: “With cryptocurrency adoption on the rise, we want to ensure our users have payment choice and transparent pricing for every trip booked. EPS Rapid is the best API product in the travel industry and this partnership unlocks greater accommodation choice and availability for our users, including 4- and 5-star hotels in top destinations.”
Elsewhere, established American online travel agency CheapOair has also started accepting crypto. Consumers can pay for their flights and hotel rooms using Bitcoin, Ether and Dogecoin, among other digital currencies.
Several companies in the Virgin Group also accept digital currency.
Taking flight
Crypto payments have also taken flight in the airline industry. airBaltic has led the way, becoming the first aviation company to accept Bitcoin in 2014. The Latvian flag carrier accepts a range of cryptocurrencies, including Bitcoin, Ether, Dogecoin, Bitcoin Cash and USD Coin. Meanwhile, LOT Polish Airlines is also on the same flight path and began accepting Bitcoin a year later.
It isn’t just in the air where crypto has taken flight. Hong Kong-based Pavilions Hotels & Resorts made a significant move in 2021 by becoming the first international boutique hotel chain to accept cryptocurrency. It now recognises around 40 digital currencies as a payment option for bookings.
On the road, Tesla has test-driven Bitcoin to purchase its vehicles, yet parked the move soon after. However, the luxury car company led by Elon Musk has since partly reversed the decision and now accepts Dogecoin in its online store.
Crypto cosmetics
Handmade cosmetics company Lush began accepting crypto in 2017. Customers can take advantage of the move and pay for items online with Bitcoin, Ether, USD Coin and Bitcoin Cash.
Speaking at the time, Lush finance manager Mike West said: “Accepting Bitcoin is very exciting for Lush. With Bitcoin, customers from all around the world will pay the same for our products, free from volatile currency fluctuations and lofty bank charges.
“Cryptocurrencies are the future of global trade and we want to ensure that we are prepared to move into this new digital era.”
The vegetarian cosmetics manufacturer said it hopes the move would also benefit its global suppliers and help it engage more with charities, which are often based in remote locations around the world.
In a statement, Lush added: “It allows payment in a decentralised currency unaffected by the global foreign exchange fluctuations, meaning that customers from all over the world all pay the same for a product.”
Staying on the high street, Starbucks has been brewing with crypto since 2021. The world’s largest coffeehouse chain allows customers to use the digital currency to pay for cash which can then be used to top-up their Starbucks digital cards. With over 32,000 stores in 80 countries, crypto could be a useful international currency for this global coffee chain.
Meanwhile, readers of the popular TIME magazine have been able to pay for their subscriptions using several different cryptocurrencies since 2021.
Commerce shift
The adoption of cryptocurrencies by various companies marks a significant shift in global commerce. As businesses like Expedia, airBaltic, Lush, and Starbucks integrate digital currencies into their payment systems, they not only enhance customer convenience but also pave the way for a more inclusive and flexible economic landscape.
Overchain provides a fast, secure, and reliable cryptocurrency payment solution across multiple sectors. This platform allows for quick processing of high-value transactions without the delays associated with traditional banking methods. Additionally, users can withdraw, pay, and settle in crypto and fiat currencies while utilising payment links, widgets and a customisable API.
This trend underscores the growing acceptance and potential of cryptocurrencies as a mainstream form of payment. Moving forward, the digital economy will continue to evolve, offering innovative solutions and opportunities for both consumers and enterprises worldwide.
