The rise of cryptocurrency in travel

Cryptocurrency is carving out a role in travel—from B2C
bookings to B2B settlements—through stablecoin-powered payments and
crypto-savvy consumers making high-value transactions. Although cryptocurrency
still represents a small portion of global travel spending, industry leaders
believe change is coming quickly.

“It’s moved well past the ‘theoretical’ phase,” said
Massimiliano Silenzi, CEO of Cryptorefills,
a B2C platform offering flight and hotel bookings via crypto. “Globally, there
are nearly half a billion crypto holders today, and we see that reflected in
real purchasing behavior.”

Cryptorefills reported that over 80% of its users made
crypto purchases at least once a month in 2024. Travel is among the company’s
fastest-growing segments, driven by digital nomads and conference travelers who
also use the platform to purchase eSIMs, book ride services and make top-ups.

Extending
reach through crypto payments

“Travel is an emotional and high-value purchase,” said
Damien Cramer, senior vice president of global travel at Nuvei.
“Seventy-four percent of customers won’t complete a booking if their preferred payment method
isn’t offered.”

While consumers are increasingly open to paying with
cryptocurrency, businesses have been slower to adopt it, especially for B2B transactions. That may be changing
as stablecoins offer more predictable value and faster settlement.

“The speed and ease of stablecoin transactions are becoming
more profound,” Cramer said.

Still, travel companies remain hesitant. “We’re all pretty
much new to this,” said James Lemon, global
industry lead at Stripe. “Stablecoins are like AI—a language we’ll all
learn in the next two to three years.”

Who is using
crypto for travel?

Crypto’s appeal spans both budget-conscious and luxury
travelers.

“Our largest group today is made up of digital nomads and
conference travelers,” said Silenzi. Their bookings typically align with
mid-range offerings.

Travala, a crypto-focused
online travel agency (OTA),
reports that about 78% of its bookings in 2024 were made with crypto.

“Credit and debit cards accounted for less than 8%,” said
Sam Woollard, Travala’s chief marketing officer.

Cryptocurrency also appeals to high-net-worth individuals.

“The luxury market has significant potential,” Woollard said. Travala’s
Concierge service caters to this segment with personalized agents for premium
travel.

Overcoming barriers
to adoption

One hurdle to crypto adoption is the technical and
infrastructural gap.

“Many travel service providers rely on outdated systems,”
said Woollard. “Convincing them to invest in new infrastructure can be
difficult, despite the clear advantages.”

Third-party processors, such as Stripe, are working to make
travel integration easier. Travel services providers like Emirates, airBaltic,
Capella Hotels, and Soneva already accept cryptocurrency payments facilitated
through partners.

Cryptocurrency enables direct, bank-free transactions,
reducing costs and increasing profit margins. Woollard estimates that the
travel industry, which processes over $11 trillion annually, could save $270
billion per year by cutting fees to 0.1% with blockchain-based solutions.

“The advantages are compelling,” said Silenzi. “Stablecoins
on high-speed networks deliver fees below a cent and near-instant
confirmations, with no chargebacks and 24/7 settlement.”

B2B transactions could also benefit, enabling real-time
settlements, eliminating currency exchange risk and reducing the need for
prepayments. But not all crypto solutions are equal.

“Bitcoin confirmation can take 30+ minutes, risking
time-sensitive bookings,” said Silenzi. “Operators need payment processors
offering fast, low-fee networks like Solana, Base and Optimism.”

Crypto compatibility with major exchanges like Coinbase and
Kraken allows travelers to pay directly from their accounts, streamlining
settlements.

While crypto represents less than 1% of leisure travel
spending today, Silenzi predicts it could reach 3% to 5% by 2030, and even double digits by 2035. He attributes
this to skyrocketing adoption: from 18 million holders in 2018 to 562 million
in 2025—a 99% annual growth rate.

“The rise of stablecoins and regulatory frameworks like the
U.S. GENIUS Act will accelerate mainstream acceptance,” he said.

He also sees long-term growth potential in emerging markets.
“A new, digitally savvy middle class is rising—largely unbanked but empowered
by smartphones and broadband. Stablecoins could be their entry point to global
commerce,” Silenzi said.

On the B2B side, real-time settlement could transform travel
payments. “Imagine funds flowing instantly from traveler to airline or hotel,
bypassing foreign exchange risk and slashing counterparty risk,” he said.

Real-time settlement could also help OTAs work around
regulatory requirements, such as the Revised
Payment Services Directive (PSD2), and eliminate the need to hold
customer funds altogether.

Cryptocurrency users spend more

There’s another incentive for adoption: higher spending.
According to Triple-A,
crypto payments averaged 30% higher than traditional ones in 2024. Travel and
hospitality represented 14% of those crypto transactions. Airlines offering
crypto saw bookings rise by 40%.

Travala noted that crypto users spent 2.5x more per
booking and had a 3x higher
lifetime value than non-crypto users.

“These users are also 3.5x more likely to stay three
nights or longer,” Woollard said, referencing data from 115,000 crypto-paid
room nights worth $45 million.

Travala processed over $100 million in booking revenue last
year, with $80 million of it in cryptocurrency, marking an 80% year-over-year
growth.

Crypto is experiencing growth on two fronts: in developing
markets with inflation and unbanked consumers booking budget travel and among
elite crypto holders booking luxury experiences.

“Crypto acceptance lets travel providers capture both
growing mass-market volume and ultra-premium spenders,” said Silenzi.

Woollard described a “crypto wealth effect,” with users who
profit from their crypto gains more willing to spend.

Stablecoins are
gaining ground

The volatility of cryptocurrencies, such as Bitcoin, remains
a concern. Stablecoins, however—pegged to fiat currencies—offer predictable
value with all the benefits of crypto.

“Stablecoin payments now account for about half of our
crypto bookings,” Woollard said.

Their appeal is global. In 2024, stablecoin transaction
volume surpassed that of Visa by 119% and Mastercard by 200%. PayPal launched
its own stablecoin. Dubai has approved several for use within its financial
free zone. Abu Dhabi also plans to launch a regulated stablecoin.

“Almost every major bank is thinking about their own digital
currency,” said Lemon.

Stripe views stablecoins as meeting the ideal criteria for
money: “programmable, instant, secure, low-cost,” Lemon said.

In volatile currency markets, stablecoins could offer B2B
users consistency. “Does it seem crazy that 20%-25% of B2B transactions could be on stablecoins in a few years?
Not really,” he said.

Almost every major bank is thinking about their own digital currency.

James Lemon, Stripe

Roberto Da Re, CEO and
founder of Travel Ledger, agrees that stablecoins are more suitable for B2B transactions.

“That risk gets amplified with large amounts,” he said.

He expects adoption to take off first in less globally
connected regions. “Sometimes, tech gets picked up fastest in evolving
countries because the need is greater.”

Loyalty and marketing
in the crypto era

Blockchain-based loyalty programs offer rewards that don’t
expire and can be used across ecosystems. Travala users can earn back up to 10%
of each booking in Bitcoin or Travala’s AVA tokens.

NFTs are also finding practical use. Travala’s “Travel
Tiger” NFT unlocks top-tier membership benefits, including lounge access and
travel giveaways.

“There’s a great opportunity here, particularly for airlines
strong in loyalty,” said Cramer.

Blockchain also supports hyper-personalized marketing.
Crypto wallet data enables companies to analyze transaction frequency, spend
and wallet balances, targeting offers with more precision than traditional
methods.

“Using this information, companies can tailor campaigns to
over 220 million active users,” said Woollard. Web3 also supports data
decentralization, empowering travelers to control what information they share.

A growing
opportunity

Cryptocurrency payments are expected to grow at an estimated
17% annual rate. The pace of growth will be incentive enough for travel
companies to consider adoption.

“As the market matures, the opportunity is huge,” said
Woollard. “Crypto travel payments could multiply five to 10 times from where they are today by the end of the
decade.”

Lemon encourages travel brands to explore stablecoins now.

“Take your first call about stablecoins. Listen to your first podcast,” he
said. “It’s grown up. It’s stable. It’s part of a technology-led future.”

During an interview in the PhocusWire studio with senior reporter Morgan Hines, Nuvei’s Cramer discussed how crypto is evolving rapidly and becoming more mainstream, with faster transactions and better fiat tracking. He also touched on how adoption is expected to grow particularly in industries such as hospitality, where the technology could mean a cheaper, more efficient way to transfer funds internationally.

Watch the full discussion below: