Travel and tourism contribute significantly to Malaysia’s economy, creating jobs, driving exports and generating prosperity within the region. Indeed, latest data from the World Travel and Tourism Council indicates that the total contribution of Travel & Tourism to GDP was MYR181.4 bn (USD41.9bn), translating to 13.4% of GDP in 2017. This figure is forecast to rise by 4.3% in 2018, with year on year growth predicted to 2028, when the sector will reach MYR296.3 bn (USD68.4bn), some 14.4% of GDP.
Looking at trends within the travel and tourism sector, one shift that’s taking place is the way that people book and pay for their holidays. According to industry specialists ABTA, some 8 out of 10 British people make their booking online, a trend that is emerging for all major economies. Credit cards remain the payment of choice for the majority of travellers, but as we’ve seen cryptocurrency gain traction in the financial markets, it’s become more popular not only in terms of investment, but also as a method of payment for goods. Indeed, e-commerce sites including Overstock,PayPal and Shopify all now accept cryptocurrency as a form of payment.
In terms of online payments, cryptocurrency has a number of benefits, including circumventing the cost of transaction fees and currency conversion as well as negating the fraud risks associated with credit card use. Payments are simple, instantaneous and commission-free. While cryptocurrency isn’t widely accepted by retailers and online merchants, mainly due to the volatility of its value, a number of online travel sites now accept Bitcoin and other cryptocurrencies as a payment option. Travel and tour operators are watching this emerging currency closely. Indeed, according to Joanne Cotterill of Borneo Dream, a premier tour operator based in Sabah, Borneo, the use of cryptocurrency could have a major impact on the tourism industry within Malaysia and it’s something the company could look to introduce if demand increases.
But just how easy is it to spend your cryptocurrency on a vacation right now? We’ve trawled the internet and have come up with the following sites that crypto investors can use to book their next holiday:
Cheapair
Cheapair website was the first US website to start accepting Bitcoin for travel bookings, in 2013. The California-based company offers flights on all major airlines and to all major airports worldwide. You can also pay for hotel and car rentals on the site.
airBaltic
In 2014, Latvian airline air Baltic became the world’s first airline to accept Bitcoin as a method of payment for tickets to 60 destinations in Europe, the Middle East, Russia and the CIS. The airline uses third-party payment processor Bitpay to convert Bicoins to Euros and attaches a ‘miner fee’ to each payment.
Destinia
The Spanish travel agency Destinia accepts Bitcoin to pay for flights and hotel booking. The company displays prices in milli-Bitcoins as this is a more accurate representation of daily prices and allows maximum transfers equivalent to EUR2,500 per transaction.
BTCtrip
This travel site specialises in digital currency payment and accepts Bitcoin or Litecoin (LTC) for flights and hotel accommodation.
Abitsky
Based in Lithuania, this low-cost flight search engine accepts Bitcoin for flights worldwide, including low-cost European flights and long-haul destinations.
Surf Air
Surf Air is a private members club airline, based in California. The company accepts Bitcoin, Ethereum and Litecoin, and even uses the slogan ‘the future of travel meets the future of money’.
Finally, if you can’t find your flight or hotel accommodation on any of the above sites, you can circumvent the system by purchasing gift cards from Gyft and eGifter platforms. These online platforms allow you to use Bitcoin to purchase gift cards not only for airlines including American Airlines, Southwest Airlines and Delta but you can also find accommodation by purchasing a gift card for Hotels website, giving you access to more than 150,000 hotels worldwide.
