The use of cryptocurrencies to pay for travel is booming in Latin America. Binance and Despegar share the most popular destinations.
Traveling with cryptocurrencies becomes the favorite trend of Latin Americans thanks to its benefits. Cryptocurrencies have become a reality in the daily life of Latin Americans, and Binance, the leader in crypto infrastructure, is doing everything possible to promote its adoption in a tangible way.
After more than thirteen years since two pizzas were bought with 10,000 Bitcoin, marking the first crypto transaction in history, Binance celebrates its partnership with Despegar, the main travel company in Latin America, to offer cryptocurrency payment as a new alternative for customers.
With the addition of Binance Pay in Argentina, Mexico, and Colombia, Despegar diversifies payment options for users, following Binance’s efforts to bring the crypto world closer to the general public.
Users can send and receive crypto payments around the world, with support from Inswitch for conversion to local currency. In addition, travelers can keep their cryptocurrencies while they have liquidity to cover their daily living expenses.
Daniel Zelmann, Chief Product Officer of Despegar, expressed the following:
“We are committed to diversifying financing methods so that all travelers enjoy the best experiences. Being the first online travel agency in Latin America to accept cryptocurrencies as a form of payment makes us proud.”
Latin Americans are Conquering Dream Destinations with Cryptocurrencies, According to Binance
After the mid-year break in Latin America, Binance and Despegar offer a glimpse of the most popular services and destinations among users. Of the total Despegar users who buy with cryptocurrencies in Argentina, Mexico, and Colombia, 83% use them to buy plane tickets, 6% for activities and transfers, 6% for hotels, 3% for tourist packages, and 2% for car rentals.
Regarding destinations, 63% of customers choose domestic trips, while 38% prefer international destinations. The six national destinations most in demand by Latin American tourists are Buenos Aires, San Carlos de Bariloche, Córdoba, Puerto Iguazú, Cancún, and Bogotá. As for international travel, the preferred ones are Madrid, Santiago de Chile, Barcelona, New York, Miami, and Lima.
Min Lin, Binance’s Regional VP for Latin America said the following:
“Cryptocurrency adoption continues to grow rapidly in Latin America, as new alternatives are consolidated to bring the crypto world and traditional payments closer together. We see a huge opportunity in continuing to develop platforms, products, and services for different industries across the region, both in the physical and virtual world.”
Cryptocurrencies Conquer Latin America as a Means of Payment and Approach the US Market
Cryptocurrency payment is on the rise around the world, with US consumer businesses planning to accept cryptocurrency payments by the end of 2023, according to a Deloitte Research study.
Deloitte adds that “business leaders are seeing digital currency as an essential tool to achieve their goals.” According to a survey polling a sample of 2,000 senior executives at US consumer businesses, merchants are implementing digital currency payments to gain a competitive advantage in the market, with the firm belief that the use of digital currency will continue to expand.
However, in Latin America, cryptocurrencies as a means of payment are mainly used in everyday purchases, led by categories such as clothing, supermarkets, restaurants, and car transport services, according to data from Binance.
By Audy Castaneda
