European travel IT company ypsilon.NET has announced that it is integrating BitPay payment gateway API to enable Bitcoin payments on its platform.
“As a leading IT company in an industry that is particularly hard hit by credit card fraud, we are always looking for new solutions for payment processing,” the company’s Director of Sales and Marketing, Patrick Götz, said in a press release announcing the move.
He also added that BitPay will be an ideal partner in providing ypsilon.NET a secure method of accepting Bitcoin payments on their platforms, as they use “excellent compliance standards” and have an “extensive experience as a payment processor for Bitcoin.”
“We are very pleased to be working with Ypsilon.Net because it is now possible for us to expand Bitcoin payments into tourism through one of the most innovative platforms”, said Marcel Roelants, General Manager for BitPay Europe. “Thousands of online agencies can take advantage of a safe, cheap and global payment now.”
ypsilon.NET, which is counted among the Europe’s leading internet travel technology providers, processes millions of transactions per month across its platform. The Frankfurt-based company offers its e-travel solutions to more than 5,000 customers and 80,000 internet travel portals worldwide. Its services include the development of modular internet booking engines, ticketing automation, mid-office systems, low-cost carrier content, and cache data.
The company’s outreach to such a wide global clientele makes it a natural propagator for Bitcoin. Following the announcement, one of the ypsilon.NET’s customers — a German-based travel planning website nurflug.de — has already integrated Bitcoin as one of its payment methods, enabling customers to purchase air tickets, book hotel rooms and rent cars with the digital currency.
Bitcoin and Traveling: So Far So Good
Traveling is considered by many the Bitcoin’s most feasible application so far. The leaders in the industry, meanwhile, have also taken notice. Companies like Expedia, LOT Polish Airlines, Webjet, and many other have embraced the digital currency for its numerous advantages over the traditional methods.
For instance, Bitcoin transactions charge the lowest transaction fee compared to credit and debit cards while protecting international travelers from hassling currency conversions, costly payment transactions, and undetected payment frauds. The digital currency is practically a universally-accepted money token that pays for anything, anywhere.
The arrival of innovative PoS terminals and Bitcoin ATMs across the globe has also ensured to inform travelers about the innumerable benefits of using digital currency. In all those years, Bitcoin has become more accessible to a common man and it promises more results thanks to companies like ypsilon.NET.
“Because it cuts out the significant cost of chargeback fraud and traditional card processing fees, bitcoin is ideally-suited to high-value transactions like plane and hotel bookings,” BitPay stated.
“It 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.”
There is still however some scope left to improve Bitcoin’s price volatility from the users’ point of view. Hedge funds are a popular choice to freeze the digital currency’s irregular nature. But will ground travelers use it is still debatable.