Latin Americans adopt cryptos to travel with Binance and Despegar

In the world of travel, cryptocurrencies are finding their place. Binance and Despegar shared a statement, highlighting the emerging trend of Latin Americans using cryptocurrency for their adventures. Mainly, the most popular destinations are in Argentina.

In Argentina, Mexico, and Colombia, the travel company Despegar has taken a bold step by integrating cryptocurrency as a fresh payment method, all thanks to Binance Pay. This partnership not only provides users with more options to purchase their trips, but also marks a foray into the new financial era.

The collaboration between both companies was not limited to the transactional aspect. The destinations and services most in demand by those who choose cryptocurrencies as their form of payment were carefully analyzed. This collaborative approach seeks to better understand the changing preferences of travelers.

Binance, the renowned exchange platform, has highlighted the national destinations most requested by Argentine tourists. Among them are Buenos Aires, San Carlos de Bariloche, Córdoba and Puerto Iguazú. In Mexican lands, Cancun dominates the election, while in Colombia, Bogotá prevails as the favorite.

Speaking of international destinations, preferences vary. Madrid tops the list, closely followed by Santiago de Chile. Barcelona and New York are also on the list, followed by Miami and finally Lima. These cities capture the imagination of crypto travelers.

“Among Despegar users who opt for cryptocurrencies in Argentina, Mexico and Colombia, 83 % choose to buy plane tickets, while 6 % look for activities and transfers. In addition, 6 % reserve hotels, 3 % purchase tour packages and 2 % rent cars,” Binance clarified. Adding, “Regarding destinations, 63 % prefer travel within the country, while 38 % venture to international destinations.”

The synergy between the company Inswitch, which facilitates the exchange of cryptocurrencies into local currency, and Binance, which enables payments and transfers, paves the way for Despegar to accept cryptocurrencies in any product or service, whether on its web platform or mobile application.

Travelers give preference to cryptocurrency payments

Daniel Zelmann, Product Director of Despegar, has expressed: “We continue to diversify our financing methods so that all travelers can experience the best adventures. Becoming the first online travel agency in Latin America to accept cryptocurrencies as a form of payment fills us with pride.”

Min Lin, Binance Regional Vice President for Latin America, commented: “Cryptocurrency adoption continues its rapid rise in Latin America, as new options emerge to combine the world of crypto with traditional payment methods. We see immense potential in continuing to develop platforms, products and services for various industries, both physically and virtually, throughout the region.”

According to a Deloitte Research report, “nearly 75 % of US consumer companies plan to accept cryptocurrency by the end of 2023, and 87 % agree this will give them a competitive advantage.”

“In Latin America, cryptocurrencies are mainly used as a payment method for everyday purchases, with clothing, supermarkets, restaurants, and car transport services being the leading categories,” according to data provided by Binance.

Thus, it highlights how the adoption of new technologies is gaining ground in the region, opening doors to new payment options to access products and services that were previously only available through traditional methods.

K. Tovar

Source: Cointelegraph

(Reference image source: Thought Catalog, Unsplash)

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