Bitcoin bookings plummet 40 percent at Expedia
When online travel giant Expedia became one of the first major OTAs to adopt Bitcoin payments, many people in the travel industry expected the Bitcoin bandwagon to start gathering speed. The industry was expecting big things of the cryptocurrency with widespread adoption in the travel business but things haven’t quite panned out this way.
Expedia’s senior payments product manager Connie Chung says revenue from Bitcoin purchases has declined 40% after an initial bright start.
However the company is not giving up on Bitcoin and it will remain as long as there is a demand for it.
"We accept bitcoin as a way of just allowing customers to pay with whatever method they want to pay. For us, bitcoin is on an even playing field with the other payment types we offer," Chung says.
Since Expedia launched a Bitcoin payment option just over a year ago, the currency has plummeted in value from $600 to about $300 today. At one point in early 2015 it fell to below $200.
Herein lies the problem that not only Expedia is facing.
Chung notes that other major merchants have suffered a similar decline in Bitcoin transactions – up to 90% in some cases.
While there has been slower growth in the number of companies adopting alternative currencies like Bitcoin, it still remains an attractive proposition for those whose revenues depend on a high proportion of cross-border transactions.
Chung sees the simplicity and security benefits of doing a higher proportion of business in Bitcoin if mainstream adoption translates to long term stability.
"We are going to get higher and higher uptake with whatever there is less friction in payments, and people are going to move that way."
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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