Cryptocurrencies such as Bitcoin became mainstream in 2010, the underlying cryptocurrency technology platform allows for anonymous payments between any two parties, essentially providing a cash-like alternative for the digital age.
Major travel companies such as Expedia began accepting Bitcoin in 2014, but questions remain about this new payment technology: Will cryptocurrencies such as Bitcoin replace cash in ten years? Will the underlying block chain technology create a new digital currency for travel products?
Another emerging payment technology from Apple, called Apple Pay, has gained media focus as well.
Will Apple dominate mobile payments with Apple Pay? How can travel companies prepare for the emerging digital payment revolution?
This article reviews emerging payment technologies and examines their potential impact on the travel industry.
About the author:
For nearly two decades, Norm has been an analyst and consultant focused on emerging technologies and how they impact business practices in the travel industry. He has an extensive background in online, corporate, hospitality and leisure travel-related technology. Norm is renowned for his travel technology expertise, particularly his analysis of the impact of emerging trends such as mobile and social media. Norm leads Travel Tech Consulting, Inc., a firm that partners with Phocuswright to provide technology consulting to travel companies. Founded in 1995, Travel Tech Consulting specializes in developing e-commerce and procurement strategies for all types of travel related technology. This includes deep knowledge of technologies used for reservations, distribution, and marketing. Norm has been an analyst with Phocuswright since 1999 and is the author of numerous publications and articles including Phocuswright’s Mobile: The Next Platform for Travel and Phocuswright and Travel Tech Consulting’s Corporate Travel Technology Today and Tomorrow.
Originally appeared at: http://www.4hoteliers.com/features/article/9277