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IT firm Wipro has developed a blockchain solution for digital payment solutions company Travacoin to enable digital currency-based payments for the airline industry.
Travacoin is a digital payment system that enables airlines to refund and compensate passengers in a timely manner in the event of disruptions.
The blockchain solution, built by Wipro, aims to fast-track payments during travel disruptions and optimise administrative overheads. Travelers will be notified of a delay or cancellation of their bookings and refunded in this digital currency, and will benefit from a significant reduction in the waiting time for compensation.
Compensating passengers with Travacoins will enable airlines to reduce their administrative overheads and channel the savings to offer a better travel experience to fliers.
“It has been exciting to work with Travacoin to build an innovative industry-leading travel currency for the airline industry. The blockchain-based solution will help airlines optimize costs through the reduction of administrative overheads and facilitate quicker payments and settlements,” Krishnakumar N Menon, Vice President - Service Transformation and Blockchain Theme Leader, Wipro Limited said.
Passengers can use Travacoin to repurchase airline tickets, book hotels and avail other airport and travel related services. It could also be used at retail stores in and around the airport and avail attractive discounts offered by retail partners.
"Travacoin is a unique solution to a common problem faced by the airlines industry today,” Brian Whelan, CEO of Travacoin said. “This solution offers airlines a cost effective way to reconnect with their passengers in a positive way, turning adversity into opportunity.”
Whelan said that they plan to expand the solution to encompass other payment and settlement functions, turning Travacoin into a unique payment solution for the entire travel industry.
