Global cryptocurrency exchange Binance invested USD 2.5 million in Australian blockchain payments provider TravelbyBit to introduce a point-of-sale (POS) payment system, incorporating blockchain technology, into major airports around the world.
Queensland-based TravelbyBit enables merchants to accept payments in digital currencies such as Bitcoin. Travellers will be able to visit local merchants at select international airports and use mobile wallets like Coinomi and Dash Wallet for POS payments. There are also plans to add support for Binance’s official mobile wallet Trust Wallet.
Caleb Yeoh, CEO of TravelbyBit, says the use of cryptocurrency removes the need for exchange rates.
“Imagine travelling with multiple stopovers and only needing a single currency. We’re working with the most innovative airports and retailers who want to offer their consumers non-traditional payment options and a chance to experience cutting-edge technology,” Yeoh said.
Australia has been accepting of cryptocurrencies. It has a positive outlook on digital currencies after it announced Bitcoin along with other cryptocurrencies as legal tender, to its clear rules on exchange registration and taxation of crypto purchases.
The state government of Queensland supported TravelbyBit with an AUD 100,000 (USD 70,600) Advance Queensland Ignite Ideas grant to grow the business.