LOT Polish airline has become one of the early adopters who would start accepting bitcoin as a form of payment. As per the press release, the airline stated:
“LOT is one of the first airlines in the world to introduce payments with Bitcoins. That is how the airline responds to the needs and expectations of the ever bigger new group of clients who use this online currency on a daily basis. Bitcoins are more and more popular, and the number of places where they can be used for payment in constantly on the rise. It is possible to pay for tickets in such a way on lot.com, as well as in the mobile version and via mobile app. Transactions are convenient and fully secure.”
You will now be able to buy your tickets via LOT’s website and mobile app using your bitcoin wallet. The unique point here is that the airline itself is not charging ticket prices in bitcoin but is using a third-party to convert bitcoin into the currency of transaction. This not only allows the airline to use a latest innovative currency but also hedge itself against any price fluctuations given that bitcoin is still in its infancy and has seen a bit of volatility in recent times. The airline says the following:
“Payment with Bitcoins is easy in execution, and equally secure as other payment methods. All transactions are handled by PSP – one of the most reputable and popular platforms handling payments with the online currency.
The ticket price will be calculated in the standard currency selected by the passenger. Only at the last stage of the booking process, i.e. at the payment stage, will the PSP platform convert the purchase price into Bitcoins. After approval of the amount and clicking the “purchase” button, the client will be redirected to the Bitcoin wallet, and the transaction will be finalised. The client will be all the time on the PSP platform.
LOT does not conduct transactions in Bitcoins, but in the currency used in the market of purchase (e.g. Poland – PLN; Germany – EUR; USA – USD). PSP is responsible for conversion and settlements of the transaction with LOT.”
Will you be using bitcoin to buy your airline tickets? Let me know your views in the comments below.