After Processing $5 Million In Bitcoin Payments CheapAir To Now Accept Ethereum
Back in July 2014, the company that was introduced to cryptocurrencies by an intrepid customer who asked if he could use it to pay for a flight, processed $1.5 million worth of Bitcoin payments.
Accepting Bitcoin connected the company with thousands of new travelers as low transaction fees and security has been a win for the company and its customers.
Ethereum Is The Fifth Addition In Accepted Cryptos
Last year, CheapAir started accepting other cryptos viz. Litecoin (LTC), Bitcoin Cash (BCH), and Dash and now according to its CEO Jeff Klee, they will soon be accepting Ethereum (ETH) for air tickets payment.
“CheapAir is about to start taking ethereum which is new in addition to dash, bitcoin cash, and litecoin,” said Klee.
Klee further shared that a lot is changing how airline tickets are sold and airlines are going to “great lengths” to differentiate their products as “it’s no longer just about getting the lowest fare.” This is why CheapAir is currently focused on an infrastructure that will give the best travel advice and more reliable “apple to apple” comparison to the customers.
Challenge of Volatility & Crypto Customer Loyalty
However, processing crypto payments have its own challenges as Klee shared the most significant challenge came towards the end of 2017 when Bitcoin transactions fees skyrocketed just like its price.
Due to the high volatility of BTC price at that time, some of the biggest issues was overpayment or underpayment of crypto flight ticket payments. During this peak period when transaction fees were high, CheapAir experienced glitches.
Though the fees problem took care of itself when it came down, soon after Coinbase ended its merchant program with CheapAir. Since 2013 when CheapAir…