Tuesday, March 28, 2023
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Soneva introduces cryptocurrency payment facility at its resorts in Maldives, Thailand, ET TravelWorld News, ET TravelWorld

In an attempt to expand its payment options, luxury hospitality group Soneva has tied up with cryptocurrency payments solutions provider TripleA and payment platform provider Pomelo Pay to enable the guests to book and pay using Bitcoin and Ethereum for resorts in the Maldives and Thailand.

According to Soneva, the payment channel has been designed to make the transaction process easier and allow guests to make secure international payments at Soneva Fushi, Soneva Jani and Soneva in Aqua in the Maldives, and Soneva Kiri in Thailand.

Both Bitcoin and Ethereum can also be used for Soneva Villa Ownership, the first-of-its-kind scheme that offers real estate to foreign buyers in the Maldives, with all appropriate controls and compliance in place, an official statement from the group shared.

As a licensed cryptocurrency payments solutions provider, TripleA would now enable Soneva’s guests to make crypto payments without any risk of price volatility, offering instant confirmation, locked-in exchange rates, real-time conversions and no chargebacks. Used in conjunction with Pomelo Pay, a single frictionless payment platform, it would facilitate cryptocurrency payments using secure QR code and payment link technology.

“Accepting cryptocurrencies as a payment method is another example of enabling our international guests to easily make payments from anywhere in the world,” said Bruce Bromley, Chief Financial Officer, and Deputy CEO of Soneva.

According to Soneva, bookings can be made directly with Soneva’s reservations department and payment links can be arranged securely, from anywhere in the world. While any payments made using Bitcoin or Ethereum are 100 per cent non-refundable, credits can apply in line with Soneva’s flexible Payment and Cancellation Policy, which was introduced in response to the Covid-19 pandemic to help guests book their stay with confidence, it shared.

“With our partnership, businesses get to tap into the spending power of more than 300 million crypto owners globally, without bearing any price volatility risk,” said Eric Barbier, CEO of TripleA.

“As more businesses look to innovate how they make and take payments, this is the perfect opportunity to move with the times – not only give consumers the choice to pay the way they want to but to facilitate seamless technology in the way businesses accept payments too,” added Vincent Choi, CEO of Pomelo Pay.

Cryptocurrency payments are becoming increasingly popular among travellers across the world, with the global crypto market projected to reach USD 4.94 billion by 2030.

Tagged as the ‘currency of the future’, cryptocurrencies also have the potential to help decarbonise unreliable power grids and be a driver for countries to meet their climate goals faster. As the industry makes progress towards greater sustainability, it is also becoming an essential part of developing a carbon-neutral energy grid.

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