Travala.com Introduces Bitcoin Cashback Scheme for Premium Travelers
Summary:
Cryptocurrency-accepting travel agency, Travala.com, is launching a Bitcoin cashback scheme for its premium users, considering Bitcoin's scarcity and popularity as a suitable reward mechanism. The program will be open to Smart Diamond tier users of the AVA Foundation’s blockchain platform – top-tier travelers who own a Travel Tiger NFT and stake 2,500 AVA tokens. The cashback scheme is argued to be disruptive to traditional reward programs, minimizing chargeback fraud risks and fees associated with conventional payment methods. Moreover, Travala.com believes Bitcoin rewards can attract new users to the Web3 ecosystem via BTC and AVA rewards.
Travala.com, a travel agency that embraces cryptocurrency, is launching a Bitcoin cashback initiative, deeming the limited availability of BTC as a suitable rewards approach for its high-end travellers. Details exclusively shared with Cointelegraph unveil the new Travala rewards scheme. This opportunity is open to clients who have accessed the uppermost Smart Diamond level of the loyalty rewards program run by the platform of the AVA Foundation’s blockchain. Juan Otera, the CEO of Travala.com, emphasized Bitcoin’s stature as the leading and recognizable cryptocurrency as well as its limited quantity and status as a sought-after digital asset behind the new cashback scheme. She stated that Bitcoin is a permanent fixture now, gaining popularity among the general public due to the recent validation of the first-ever Bitcoin spot exchange-traded fund (ETF).
Otera remarked that offering Bitcoin cashback on travel reservations enhances the appeal of using cryptocurrency in daily transactions. Travala confirmed that rewards are credited to a user’s account within a day of completing a journey. How members utilize their Bitcoin rewards is entirely up to them. They can spend it on other travel services on Travala's platform or transfer their BTC to an external wallet, exchange or platform.
Cointelegraph has learned that Bitcoin ranks among the top three payment modes on Travala.com, accounting for about 9% of all travel reservations made via the platform. Travellers splurged over $5 million in BTC on flights, hotels and activities in the year 2023. However, Travala's BTC cashback initiative has a dash of exclusivity, given users are required own a Travel Tiger NFT and stake 2,500 AVA tokens to activate their Smart Diamond membership. Thus, only a select number of travellers, those owning one of the 1,000 existing Travel Tiger NFTs, will qualify for the reward scheme. These NFTs, minted on the Ethereum blockchain, are utility collectibles randomly generated. As per OpenSea market data, a Travel Tiger NFT costs a minimum of 2.6 ETH, translating to approximately $9,800 at the time of reporting. On OpenSea, Travel Tiger NFTs are being listed for no less than 3.2 ETH. Hence, travellers would need to shell out around $9,800 merely to get access to Travala's Bitcoin cashback scheme.
Travala also promotes cryptocurrency-based cashback programs as a potential disruptor of traditional web2-based schemes. The firm argues that employing Bitcoin could help cashback service providers lower their fee expenses related to traditional payment methods and minimize risks of chargeback fraud. The CEO of Travala anticipates that Bitcoin rewards could attract new users to the Web3 ecosystem via its BTC and AVA rewards schemes. AVA Foundation is a blockchain-powered rewards platform that uses its own AVA tokens to dispense cashback, loyalty rewards, payment discounts and gated access benefits.
Published At
3/7/2024 4:37:38 PM
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