Binance intends for the cash infusion to help TravelbyBit expand its crypto POS system in airports worldwide. TravelbyBit has already successfully installed one of their POS terminals at Brisbane Airport.
The Brisbane Airport is Australia’s third largest by volume. TravelbyBit is also working to install terminals in retail shops throughout Australia.
Together travelbybit and @binance will take crypto adoption to the next level~!
— TravelbyBit (@TravelbyBit) October 3, 2018
The TravelbyBit terminals currently support payments in Bitcoin (BTC) $6571.67 -0.08%, Ethereum and Litecoin. Following the Binance investment, TravelbyBit intends for the platforms to begin supporting Binance’s creatively-named propriety coin, “Binance Coin,” for payments to merchants as well creatively.
USE CRYPTO TO REMOVE TRAVEL PAIN
In a press release announcing Binance’s investment, Binance CEO Changpeng Zhao stated:
Real, on-the-ground, just-when-you-need-it use case is key for further crypto adoption. In this light, there is no better fit than being able to use your crypto when traveling just after you land in a foreign country, where you may not have the local currency.
A global crypto payment network is seen as a particularly attractive option for international travelers. International travel with multiple stops or layovers frequently involves multiple rounds of expensive currency conversion, with extra bank fees on top for credit and debit card transactions.
At most airports, fiat can only be exchanged at off-market rates with large spreads. Trying to make a small purchase during an international layover while traveling frequently involves informing your bank ahead of time about your intended layover. Crypto payment processing promises to smooth this expensive and sometimes irritating process.