Crypto-Backed Travel Rewards Card Planned By Binance And TravelbyBit

News | November 29, 2019 By:

Cryptocurrency exchange Binance is partnering with Australia-based crypto payment network TravelbyBit to create a cryptocurrency-backed travel rewards card.

TravelbyBit designs tourist routes and provides selected providers with its very own digital currency payment platform. Travelers using the TravelbyBit service can choose to pay in bitcoin, ethereum, Dash, or Steem. Although customers pay in digital currencies, the merchants can choose to receive payment in cryptocurrency, fiat currency, or a combination. TravelbyBit is the company behind Brisbane Airport’s transformation into the world’s first cryptocurrency-ready airport.

The crypto-backed travel rewards card, which is initialized by TravelbyBit in collaboration with the Binance development team, aims to facilitate crypto payments on major travel websites, such as Booking.com, Expedia, Agoda, and Ctrip, as well as TravelbyBit.com. The TravelbyBit travel rewards card will function as a traditional prepaid debit card with additional access to exclusive travel discounts and deals. Users will be able to load their travel cards with BTC, BUSD, BNB, and ONT.

“Many businesses that accept crypto for their services charge users a high premium, which poses a significant barrier to adoption,” said Caleb Yeoh, CEO of TravelbyBit. “At TravelbyBit, we want to make crypto useable, provide incentives for early adopters, and see crypto adoption grow. We are excited to work closely with Binance to bring crypto payments to travelers around the globe.”

The TravelbyBit travel rewards card will be released in early 2020, starting with travelers in ASEAN (Association of Southeast Asian Nations), Australia, and Europe, with plans to gradually add support to more countries.