Today it was announced that Despegar, one of the leading travel companies in Latin America, could add cryptocurrencies as a payment method in its online platform thanks to an alliance with Binance Pay.
Today it became known that Despegar could begin to offer cryptocurrencies as a form of payment through Binance Pay, the tool of the renowned exchange BinanceThis tool consists of sending cryptocurrency by email, phone number, Binance ID or also known as IDU, without the need to pay gas commissions.
Although the news has not yet been confirmed, different Twitter users have already appeared showing a kind of approach or probably an ab testing. In any case, it will not be long before this becomes a reality and users will be able to buy with cryptocurrencies any service offered by Despegar on its online platform.
On the other hand, Despegar is a travel company that has been a leader in Latin America for more than 20 years and is always betting on technological development to revolutionize the world of experiences.
What is known so far about this news
As I mentioned earlier, you can’t interact with this new feature yet, but we at NFTexpress have found out who the parties involved in the payment process are, since, in addition to Binance Pay, there is Inswitch.
We have already explained that Binance Pay is in charge of and responsible for cryptocurrency payments, but the following will also come into play Inswitcha company that will be in charge of managing the system that converts cryptocurrency to local currency.
On the other hand, it is worth clarifying that so far, none of the companies corresponds to or is part of the Despegar Group. Despegar Group. Also, in the T&C (terms and conditions) Despegar clarifies that the company will not process the payment nor will it act as an intermediary in the sale and conversion of cryptocurrencies. This makes it clear that Despegar will provide cryptocurrency payment services, but all the back-end work will be done by Binance Pay and Inswitch.
How both companies will operate within Despegar
Binance Pay and Inswitch will work together, since, once the reservation is made, the Despegar platform will take you to the “Go to pay” section to enter Binance Pay and pay for the purchase.
Then, the user will have one hour to make the payment, otherwise the reservation will be automatically cancelled. On the other hand, the final value will be reflected in the main payment screen of Despegar with the corresponding local currency and once redirected to Binance Pay, the user will be able to know how many cryptocurrencies will be deducted from his personal wallet to make the payment successfully.
Finally, it should also be noted that in case of refund or reimbursement, this will be made in the form of a coupon or traditional bank transfer (depending on what the user wants) in local currency, and not in cryptocurrency as was the payment. The amount to be refunded by Despegar will correspond to the amount that appeared on the platform screen at the time the user made the payment.
Another company that added cryptocurrencies to its development
Another Argentine company that has added cryptocurrencies to its development is Mercado Libre also known as MELI. The largest e-commerce company in Latin America, created its own cryptoasset on the official platform in Brazil.
MELI’s cryptocurrency is called ‘Market Coin‘ and it is already operating in that country. This new service offered by the company is used to make purchases in Mercado Libre and also offers the opportunity to receive rewards after purchases. This service is known as cashback and has been implemented by the latest startups related to cryptoassets such as: Lemon, Belo, and Binance itself with its Binance Card.
On the other hand, Mercado Libre has more than 80 million users in Brazil and its long-term project is to introduce the digital currency in other countries of the continent such as Argentina, Chile and Mexico.
In addition, its value will be subject to market conditions and it will be traded through Mercado Pago, one of the financial companies created by Mercado Libre. In principle, it will also offer its crypto-asset at Ripio BrazilRipio Brasil is a partnership of the company, which will provide custody and trading services through Mercado Pago.
Finally, ‘Mercado Coin’ is developed under the ERC-20 token standard on the Ethereum blockchain and during the first stage of the project, users will not be able to transfer the cryptocurrency to other external wallets.
NFTexpress wishes to make it clear that all opinions and financial information contained in this website are for informational and educational purposes only and should not be construed as investment recommendations. It is important for readers to understand that all investments involve certain risks and should conduct their own research before making any financial decisions. NFTexpress is committed to providing accurate and up-to-date information, but is not responsible for the financial decisions made by users.
Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.