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Bitcoin Flies Farther in the Travel Industry after BitPay’s Latest Partnership

Last Updated March 4, 2021 4:46 PM
Samburaj Das
Last Updated March 4, 2021 4:46 PM

BitPay has announced a new partnership with European information technology provider Ypsilon.Net. The company provides a platform with booking engines and the payment processing framework for tens of thousands of websites, processing millions of transactions every month.

A new partnership between payment processor BitPay and Ypsilon.Net, a leading IT solutions provider for the travel industry will soon see thousands of online agencies and travel booking platforms offer a bitcoin settlement option for customers.

In a blog post  , BitPay made the announcement of its partnership with payment and travel IT platform Ypsilon.Net, a company deemed by BitPay as “the backbone for much of the European travel industry.”

The announcement from BitPay read:

Ypsilon.Net has integrated our bitcoin payment gateway API into its payment platform, allowing any of its customers in Europe and around the world to activate bitcoin payments on their sites.

Ypilson.Net  figures among the leading global providers for internet travel technology for both B2B and B2C applications. The platform is used by over 80,000 internet portals worldwide and over 5,000 clients. The Frankfurt-based company’s solutions include the development of modular internet booking engines, ticketing automation, low-cost carrier content and cached data as well as mid-office systems and tools. The German company also powers 80% of  travel sites in Germany.

Bitcoin and Travel

International travelers and the wider travel industry is certain to benefit from integrating bitcoin settlements as the cryptocurrency comes with the lowest transactions fees, compared to traditional card payments. Furthermore, international travelers will no longer face currency conversion fees around the world with bitcoin as their payment method. High-value transactions such as travel and hotel bookings come with significant card processing fees, another charge nullified by bitcoin.

For Ypsilon.Net, the cryptocurrency will help curb fraudulent transactions and the significant costs of chargeback fraud.

Patrick Götz, director of sales and marketing at Ypsilon stated in a German press release:

As a leading IT company in an industry that is particularly hit hard by credit card fraud, we are always looking for new solutions for payment processing.

BitPay added:

It (Bitcoin) has no additional PCI compliance cost for merchants that choose to accept it, making it easy for businesses to offer greater choice to customers booking online or from other countries.

The payment processor’s announcement also revealed, a German booking platform – Nurflug.de , as Ypsilon.Net’s first customer to integrate BitPay’s API to activate bitcoin payments.

 Image from Shutterstock.