The use of cryptocurrencies to travel is gaining strength among the Latin American public, due to its benefits. Binance and Despegar share preferred destinations.

The use of cryptocurrencies in the daily lives of Latin Americans is already a reality. More than thirteen years after the first purchase of two pizzas with 10,000 Bitcoins, which marked the first crypto transaction in history, Binance, the leading infrastructure provider for the blockchain and cryptocurrency ecosystem, continues its efforts to promote adoption, in a tangible way, in everyday purchases.

With this objective, Binance celebrated the partnership that allowed Despegar, the leading travel company in Latin America, to incorporate payment with cryptocurrencies as a new alternative for its clients, through Binance Pay in Argentina, Mexico and Colombia, thus diversifying the options of users and accompanying the work that Binance has been developing in pursuit of bringing the general public closer to the crypto world.

Thanks to Binance Pay, users can send and receive crypto payments around the world, with the support of Inswitch, responsible for the conversion to local currency. In this way, users can keep their cryptocurrencies, while having liquidity to make their daily living expenses with the crypto they choose.

“We continue to focus on diversifying financing methods so that all travelers enjoy the best experiences. Having become the first online travel agency in Latin America to accept cryptocurrencies as a form of payment for any of our products and services is something that makes us proud,” commented Daniel Zelmann, Chief Product Officer of Despegar.

Following the mid-year break in Latin America, Binance and Despegar offer a look at the type of services and destinations that users choose.

Of the total Despegar users who buy with crypto in Argentina, Mexico and Colombia, 83% use them to buy plane tickets, 6% activities and transfers, 6% hotels, 3% tourist packages and 2% car rentals.

In terms of destinations, 63% of clients choose domestic trips, while 38% choose international destinations.

The six national destinations most in demand by Latin American tourists are: (1) Buenos Aires, (2) San Carlos de Bariloche, (3) Córdoba, (4) Puerto Iguazú, (5) Cancún, (6) Bogotá.

In the case of international trips, the preferred ones are: (1) Madrid, (2) Santiago de Chile, (3) Barcelona, ​​(4) New York, (5) Miami and (6) Lima.

“Crypto adoption continues to grow rapidly in Latin America, as new alternatives are consolidated to bring the crypto world and that of traditional payments closer together. We see a huge opportunity in continuing to help develop platforms, products and services for different industries, both in the physical and virtual world, throughout the region,” commented Min Lin, Binance Regional VP for Latin America.

Paying for products and services with cryptocurrencies is a growing practice around the world. According to a study by Deloitte Research, almost 75 percent of US consumer companies plan to accept cryptocurrency payments by the end of 2023, and 87 percent agree that this will give them a competitive advantage. In Latin America, cryptocurrencies as a means of payment are mainly used in everyday purchases, which are led by the categories of clothing, supermarkets, restaurants and car transportation services, according to data from Binance.