Camino Network is joining forces with e-money provider Monerium to advance on-chain payments in the travel industry. The partnership brings Monerium and its popular EURe, the on-chain euro, to the Camino Network, allowing users to execute transactions for travel businesses.
Under the agreement, Monerium’s solution will enable businesses on the Camino Network to connect traditional bank accounts with Web3 wallets while staying compatible with banking systems such as SEPA. Monerium’s EURe will also be available on Camino Messenger, a distribution and sourcing protocol for the global travel industry. Some big names in the travel industry, like Lufthansa Group, MTS, and Invia, are already connecting to it.
The collaboration is set to create more efficient payment methods for users in the travel industry, addressing pain points such as high fees and complex, lengthy reconciliation processes.
Camino Network says it wants to reduce the high cost of trust due to total reliance on traditional payment systems in the travel industry.
“The travel industry operates on razor-thin margins, with an EBIT of just 1% often considered a success. Payments, which typically cost an average of 3% per transaction, eat into these already narrow profits. By leveraging Monerium’s capabilities for blockchain-based on-ramping and settlement, we can drastically reduce payment costs and improve the bottom line for travel businesses. This partnership represents a major step forward in creating a more efficient and sustainable financial infrastructure for the travel industry,” said Pablo Castillo, Chain4Travel CEO (Camino Network Lab).
Monerium’s on-chain fiat solution, combined with Camino Network’s blockchain infrastructure, is poised to deliver significant benefits to both consumers and travel companies. Consumers will enjoy better pricing thanks to low agency fees and faster cross-border payments enabled by blockchain. Meanwhile, travel companies can optimize their operations by managing inventory in real-time, automating settlements, and processing payments more efficiently.
“Adding EURe to the Camino Network shows our dedication to connecting traditional finance with blockchain. We’re excited to work with Camino Network, whose innovative infrastructure is key to enabling smoother, faster, and more cost-effective payments for travel businesses. This partnership not only helps streamline transactions but also sets a powerful example of how on-chain fiat can transform industry-specific payment systems and create a more efficient financial future,” said Gisli Kristjánsson, co-founder and CEO of Monerium.
Monerium’s EURe will reportedly go live on Camino Network’s testnet by the end of December 2024, with the mainnet launch scheduled for January 2025.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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