Wipro has developed a blockchain-based payment solution for Travacoin, a company which enables airlines to compensate and refund passengers, using digital currency-based payments.
Through this solution, passengers will be notified about the delay or cancellation and offered refunds in digital currency. This currency can then be used to repurchase airline tickets or book hotels. In addition, passengers can also use Travacoins at retail stores in and around the airport and avail attractive discounts offered by retail partners.
Krishnakumar N Menon, vice president, Service Transformation and Blockchain Theme Leader, Wipro said, “We are encouraging blockchain innovation by actively engaging with firms focused on solving real-world business problems.
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.”
Along with speeding up payments during travel disruptions, this blockchain-based payment solution will also help airlines reduce administrative overheads.
Natasha Nitturkar
