Norwegian Air Offers Discount on Crypto Payments as its Owners Chalk Bigger Plans

Reportedly, Norwegian Air Shuttle, aka as Norwegian, which offers cheap flights worldwide is reeling under financial stress. The Airline company has been unable to generate profits in the last couple of years.
The management, has hence, looked to diversify their business into cryptocurrencies. As reported earlier on Coingape, the Norweigian Founders are launching a cryptocurrency Exchange, Norwegian Block Exchange (NBX), which is due for launch next month.
Moreover, they have also started accepting cryptocurrencies as payments. The cryptocurrencies currently supported by the Airlines are Bitcoin, Ethereum and stablecoin, USD Circle.
To further increase adoption, they are now offering lucrative discounts and offers on cryptocurrency payments. The move is motivated to increase liquidity and cost efficiency above credit card payments. Currently, the banks and service providers charge a hefty fee of around 1.5%-2.5% and also “hold back a percentage of revenue to cover the risk of chargeback claims arising from insolvencies.”
Lasse Sandaker-Nielsen, Norwegian’s head of communications, told the media,
“Why should we wait for our revenues, and then have the credit card acquirers and the credit card companies make a lot of interest just sitting on that money,”
Moreover, the motivation of the management is also driven to increase the viability of their crypto-Exchange and Wallet. The company is looking to leverage its global presence in the airline industry to lure customers to their exchange.
They are offering ‘CashPoints’ to traders which can be used to book flight tickets. The ‘Trade and Fly’ promotion refunds 10% of trading fees on the exchange to customers’ as CashPoints. This is a very lucrative offer for regular traders and for the promotion of its Exchange.
Furthermore, they are backing it on the market itself, rather than releasing their own cryptocurrency. Hence, it seems a long shot for the conglomerate at the moment. Nevertheless, even 73-old Bjørn Kjos, the original Founder of Norweigian Airlines is confident about them, Sandaker-Nielsen reiterated Kjos’s views. He said,
“He [Kjos] believes that the banks and the credit card companies are the next Kodaks,”
Do you agree with the Veteran businessman’s views? Please share your views witb us.
The post Norwegian Air Offers Discount on Crypto Payments as its Owners Chalk Bigger Plans appeared first on Coingape.
Source: CoinGape

IMF Seeks To Predict Future Payment Tool, Bullish on Cryptocurrency among Traditional Payments

In the chaos of the future of cryptocurrency, International Monetary fund or IMF attempts to find user’s views to predict the better payment solution in next 5 years. Accordingly, IMF began a poll including Cryptocurrency as the option among three more payment systems.
IMF took a twitter poll as an indicator to predict the feasible solution to pay for lunch in 5 years. Consequently, the organizations demand users to select their preferred option among Cash, Cryptocurrency, Mobile Phone, and Bank Card.
Source: Twitter
Although the poll is still running and will be finished within 13 hours – the poll result from 16,616 votes (at press time ) shows that cryptocurrency is moving with the highest ranking. Subsequently, crypto is ranked #1 with 54% followed by Mobile phone with 31%, Bank Card with 8%, and Cash with 7% respectively.
Source: Twitter
Nevertheless to say that despite a little doubt, payments via cryptocurrencies like Bitcoin is on the peak. Indeed, it is transforming the way consumer make purchases and proceed the payment.
Money and Payments in the Digital Age
Following the doubtful tone of whether crypto payments can be the future, the International Monetary Fund has recently organized a meeting in Washington D.C with a center point ‘Money and Payments in the Digital Age’.
During the panel, Christine Lagarde, IMF Managing Director talks about how Cash payment is declining – in fact, she explained Sweden had merely seen 13% of Cash-settled transaction during 2018. Speaking about Cash or no cash, Lagarde says that;
“Banks will have to adapt to survive, or disappear. They will have to decide cash or no cash.”
While IMF still predicting the future of payments, major crypto players such as Coinbase, Binance have already racing towards seamless crypto payment solutions. As such, the Seattle based cryptocurrency exchange, Coinbase has launched VISA debit card, enabled with various cryptocurrencies including BTC, ETH, XRP, EOS and more. It enables Coinbase users to spend their crypto balance for meals and many other purposes across the UK.
What’s your prediction? Do you think crypto is the best alternative and ultimate payment solution in next 5 years? Let us know in the comment below and contribute to IMF’s poll here
The post IMF Seeks To Predict Future Payment Tool, Bullish on Cryptocurrency among Traditional Payments appeared first on Coingape.
Source: CoinGape

Are Messaging Apps A Great Way To Implement Crypto Payments?

Time and again there have been news reports that speak about Facebook developing its own token and it would deploy it for payments for Whatsapp users. While the news of Facebook entering crypto space is exciting, it leaves behind a point of contention as to are messaging apps great way to deploy crypto-based payments.
Messaging apps could take cryptos to every hand
According to a recent report published in the New York Times, authors, Nathaniel Popper, and Mike Isaac have again touched upon the news of Facebook releasing its own stablecoin to deploy the same via Whatsapp to enable crypto-based payments. While this is not the first time such news has surfaced and there is every indication that Facebook is progressing on its secretive crypto project, the discussion does try to answer a critical question – Are messaging apps the answer to crypto payments.
It’s not just Facebook, which according to current update speaking to cryptocurrency exchanges about selling the Facebook coin to consumers, other messaging apps are also entering the fray of developing their own coins and tokens. These include the Telegram and Signal who plan to roll out their new cryptocurrencies over the next year and would also provide its user’s payment options to send money to contacts on their messaging systems, just like a Venmo or PayPal would do to move money across international borders.
Telegram, which has an estimated 300 million users worldwide, has been thoroughly working on a digital coin, Signal, an encrypted messaging service that is popular among technologists and privacy advocates, has its own coin in the works. And so, do the biggest messaging applications in South Korea and Japan, Kakao, and Line.
These messaging companies have hundreds of millions of users and have a reach far beyond anything. Bringing cryptocurrency-based payments to these apps means there would be a direct adoption of crypto coins by millions of users across the globe. While all these new projects are moving towards a competitive industry, still they will be able to capture a wider market faster than any other cryptocurrency. And like bitcoin, these new cryptocurrencies would make it easier to move money between countries, particularly in the developing world where it is hard for ordinary people to open bank accounts and buy things online.
Eric Meltzer, a co-founder of a cryptocurrency-focused venture capital firm, Primitive Ventures believes this messaging route is great and quite fascinating. According to him “It’s pretty much the most fascinating thing happening in crypto right now,” “They (messaging apps) each have their own advantage in this battle, and it will be insane to watch it go down.”
While the story is fascinating, these apps may face many of the same regulatory and technological hurdles that have kept Bitcoin from going mainstream. The road to their success might not be smooth, but definitely is a great way to make cryptos mainstream.
While the companies continue to throw significant resources into their projects, despite the slowdown in markets, it shows the potential these messaging apps hold in making crypto payments mainstream. If Facebook and Telegram are able to achieve the desired vision surpassing all the hurdles, crypto-based payments may soon become mainstream.
What is your view on crypto payments and their use via messaging apps? Do let us know your views on the same.
The post Are Messaging Apps A Great Way To Implement Crypto Payments? appeared first on Coingape.
Source: CoinGape

Teaching the Financial ABCs in the Digital Era

CoinSpeaker

Teaching the Financial ABCs in the Digital Era

Since the world of money has changed significantly over the last decade, children need to be provided with principles of sensible money management. Pigzbe’s hand-held hardware wallet set to become the benchmark in educational finance.

Teaching the Financial ABCs in the Digital Era

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Source: CoinSpeaker