Digital payment solution provider Travacoin has partnered with technology company Wipro for a blockchain payment solution to enable crypto payments for the airline industry.

Travacoin offers a digital payment system for airlines to refund and compensate passengers in case of a disruption.  Wipro developed the blockchain payment solution to facilitate timely refund in the form of digital currency.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The companies noted that customers would benefit from a reduced waiting time for compensation, while airlines are expected to have decreased administrative overheads.

Passengers can use the refunded currency to repurchase airline tickets, book hotels and for other airport and travel related services.

Travacoins can also be availed at retail stores in and around the airport. Passengers will also get discounts provided by retail partners.

Travacoin CEO Brian Whelan said: “With every delay, be it caused by a staff strike or a technology problem, comes an increasing number of claims from passengers. Airlines respond defensively, consequently losing customer loyalty as well as millions in hard currency along the way.

“This solution offers airlines a cost effective way to reconnect with their passengers in a positive way, turning adversity into opportunity.”

The company intends to expand the blockchain payment solution to include other payment and settlement capabilities.

Wipro blockchain theme leader Krishnakumar Menon said: “The blockchain-based solution will help airlines optimise costs through the reduction of administrative overheads and facilitate quicker payments and settlements.”