Bitcoin can now be used to purchase items at this Airport. The initial announcement came out in January when the Brisbane airport authorities announced plans to initiate the procedure of using cryptocurrencies as a medium of exchange at all outlets within the airport premises.
The airport’s administration has quoted “the reduction of customer inconvenience due to the requirement of carrying multiple currencies and credit cards” as one of the major reasons behind this move. Amidst a period of Bitcoin’s downfall, this step is likely to push the cryptocurrency’s value up again. Last year, Bitcoin peaked out at more than $20,000 per coin, whereas as of now the value sits at roughly $7600.
The payment system has been developed by a Brisbane-based fintech startup, TravelbyBit. TravelbyBit reportedly received more than $85000 from a commercialization assistance fund, which helped them develop a system where customers can pay using Bitcoin or any other cryptocurrency and merchants can choose which cryptocurrency or real currency they want to receive the money in.
Speaking to a local media outlet, the General Manager of Strategic Planning and Development of the airport said that this step has been taken keeping the number of crypto investors worldwide. Furthermore, he added that he’s proud of Brisbane airport for being the first global airport that has worked with a local startup to bring such a service to the table.
TravelbyBit is also reported to be working on a “tourist map route” that lists all businesses that are currently accepting Bitcoin as a medium of exchange along the way to famous tourist spots in the country.
Currently, there are 30 outlets in Brisbane airport that are using the new system. Speaking to the media, the CEO of TravelbyBit commented that they will launch their service throughout the country gradually, wherein the only thing holding them back is the lack of trained staff of retailers.
He further added that their initiative can prove to be quite vital in establishing Bitcoin as a method of payment instead of “an asset”, which was a major reason behind Stripe withdrawing support for Bitcoin last year.