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Cryptocurrency as a method of payment in the tourism sector

Author

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  • Aiazbekov Azamat

    (1 University of Information Technology and Management in Rzeszow, Faculty of Management, Poland)

Abstract

The purpose of this study is to look into the capability of cryptocurrencies as a viable alternative to traditional payment methods in the travel and tourism industry. Given the increasing popularity of digital currencies, the tourism industry must consider alternative payment methods. The study's goal is to determine whether cryptocurrencies can be a safe and practical payment option for the travel and tourism industry. The benefits and drawbacks of cryptocurrency adoption in the travel and tourism industry were examined using a case study method. The study focused on customer preferences, security, and regulatory compliance. In-depth research was conducted on a select group of companies that have already implemented cryptocurrency as a payment option, as well as on interviews of business leaders. According to the study's findings, there is a high demand for the adoption of cryptocurrencies in the travel and tourism sector. Customers seeking secure and convenient payment methods may benefit from the use of cryptocurrencies. The study emphasizes the importance of addressing security concerns and regulatory compliance, as these are significant barriers to cryptocurrency adoption in the travel industry. The study provides a road map for cryptocurrency adoption in the travel industry, recommending that the industry focus on developing secure and user-friendly cryptocurrency payment methods, as well as actively collaborate with regulatory bodies to ensure compliance. This case study offers valuable insights to industry participants on how to effectively embrace and use cryptocurrencies in day-to-day business operations. Finally, this study offers a thorough examination of the potential of cryptocurrencies as a new form of payment in the travel and tourism industry. The findings of the study provide a clear understanding of the benefits and drawbacks of using cryptocurrencies, as well as valuable insights for industry participants on how to effectively adopt and use cryptocurrencies in their operations.

Suggested Citation

  • Aiazbekov Azamat, 2023. "Cryptocurrency as a method of payment in the tourism sector," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 19(1), pages 57-65, March.
    • Handle: RePEc:vrs:finiqu:v:19:y:2023:i:1:p:57-65:n:6
    DOI: 10.2478/fiqf-2023-0006
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    More about this item

    Keywords

    blockchain technology; cryptocurrency; tourism; travel; government; regulations;
    All these keywords.

    JEL classification:

    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • Z32 - Other Special Topics - - Tourism Economics - - - Tourism and Development

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