UATP, BitPay Team on Crypto Payment Possibilities

Global payment network UATP is working with payment processing company BitPay to allow for more payments using cryptocurrency, a press release stated on Wednesday (Sept. 8).

The partnership will allow for payments in bitcoin, Ethereum, Litecoin, Dogecoin and six other popular cryptocurrencies.

Bitcoin has recently passed the $1 trillion mark for market capitalization. The digital currency is now recognized as the fifth-largest currency in the world.

Among the things people are using crypto for, travel and leisure rank in the top five, according to a PYMNTS survey cited in the release.

Read more: PYMNTS BitPay Study: How Consumers Want To Use Crypto To Shop And Pay in 2021 And After

BitPay has processed over $5 billion in blockchain payments since the company was founded in 2011.

“Cryptocurrency continues to gain momentum as a safe and trusted payment option, especially for high-value purchases like travel. BitPay’s partnership with UATP provides their customers with the inherent benefits of blockchain payments without having to handle, hold or buy crypto themselves,” said Stephen Pair, co-founder and CEO of BitPay, in the press release. “UATP’s broad network of airlines are also now capable of reaching millions of new global customers who choose to pay with crypto regardless of what wallet they hold since BitPay supports all crypto wallets.”

“The UATP – BitPay partnership brings together the perfect combination of two experts in airline and cryptocurrency payments,” said Ralph Kaiser, president and CEO of UATP, per the release. “Crypto payment stands to be a market-changer in the industry; this partnership creates the opportunity for the airlines to attract new customers and to be a first-mover in this very exciting space.”

BitPay Chief Financial Officer Jagruti Solanki said that she thought crypto was  “here to stay,” as the incentives were “too good to ignore. ”

She told PYMNTS that many people who have bought crypto did so when it was lower-value and have now been spending it, seeing the soaring prices.

Solanki said that others who may not be concerned with crypto, might be interested in the benefits of stablecoins, which are backed by an equivalent amount of U.S. dollars or local currency.

Read more: BitPay CFO: Crypto Here to Stay as People Have Big Incentives to Pay