Retailers at Brisbane Airport to start accepting payments in cryptocurrencies
Retailers at Brisbane Airport (BNE) will soon be accepting payments in Bitcoin, Dash, Ethereum and other digital currencies. BNE announced last week that is working with TravelbyBit, in partnership with a number of terminal retailers to introduce cryptocurrency payments into its terminal shopping.
Travellers will be able to use TravelbyBit’s cryptocurrency payment system, to dine and shop at stores such as Botanist, Spoon, Windmill & Co., and Forte Espresso, as well as nine awpl stores including Australian Way, Merino Collection, Carry On, Dreamtime Journey and multiple News Travels across both terminals.
According to the press release, the partnership reinforces Brisbane Airport’s aim to promote community projects, support local businesses, improve the passenger experience, and become a leader in the airport digital innovation space.
Roel Hellemons, Brisbane Airport Corporation (BAC) General Manager Strategic Planning and Development, said, “Many people around the world have made money investing in cryptocurrencies and a lot of these people travel internationally, so it makes sense to offer a digital currency experience within our terminals.
“We’re also proud to be the first airport in the world to achieve this in partnership with a small local start-up business such as TravelbyBit, whose pioneering thinking is drawing attention to Brisbane as a serious breeding ground of innovative thinking. This is just the beginning for us as we hope to expand the digital currency option across the business, so watch this space,” Mr. Hellemons added.
Caleb Yeoh, CEO of TravelbyBit, said, “We are building a genuine use case for cryptocurrencies in the tourism industry. The application of digital currencies in this sector makes a lot of sense. Whenever you travel overseas you have to deal with multiple currencies and you never know what exchange rates the banks are charging you. Here at TravelbyBit we are promoting the Bitcoin travel movement. Digital currency for world-wide travel. It’s simple, safe and there’s no bank fees.”
TravelbyBit received AU$88,070 under the third round of Advance Queensland’s Ignite Ideas funding programme, which provides grants of up to 250,000 dollars to support activities that will test and implement commercialisation plans for a product, process or service that is at or beyond minimum viable product or market ready stage. TravelbyBit has built a network of merchants throughout Brisbane who take payments in digital currencies.
The acceptance of bitcoin, the cyrptocurrency with the largest market cap, for payments has been limited, while its price reached stratospheric heights last year. The volatility in price has drawn investors but reduced its attractiveness as medium of exchange. Payments processor, Stripe, withdrew support for bitcoin recently quoting slow transaction times and high fees. Digital gaming platform, Steam, stopped accepting bitcoins last year. However, Microsoft recently restarted accepting bitcoin in its Windows and Xbox online stores, after stopping it earlier in the week.
Meanwhile, regulators in many countries have issued warnings about cryptocurrencies in recent months.