Wipro develops blockchain-based solution for Travacoin
The solution aims to fast-track payments during travel disruptions and optimise administrative overheads in the Airlines industry
Bangalore : Wipro Limited today announced that it has developed a blockchainbased payment solution for Travacoin, a company specializing in an eponymous digital payment solution. Travacoin is a digital payment system which enables airlines to refund and compensate passengers in a timely manner when a disruption occurs.
Passengers will be notified of a delay or cancellation and refunded in this digital currency, which can be used to repurchase airline tickets, book hotels and avail other airport and travel related services. F’assengers will benefit by way of a significant reduction in the waiting time for compensation. In addition, passengers can use Travacoins at retail stores in and around the airport and avail attractive discounts offered by retail partners.
By compensating passengers with Travacoins, airlines will be able to reduce their administrative overheads and channel the savings to offer a better travel experience to fliers. A recent study conducted by FTI Consulting, and commissioned by Travacoin on the commercial feasibility of using digital tokens for refunds and compensation for flight delays indicates that Travacoins will save airlines between 20% and 40% of what they are currently paying passengers in cash and will also increase customer loyalty towards airlines through improved convenience during travel disruptions like airline delays.
“Travacoin is a unique solution to a common problem faced by the airlines industry today. With every delay, be it caused by a staff strike or a technology problem, comes an increasing number of claims from passengers. Airlines respond defensively, consequently losing customer loyalty as well as millions in hard currency along the way. This solution offers airlines a cost effective way to reconnect with their passengers in a positive way, turning adversity into opportunity. As we expand, the plan is to grow the solution to encompass other payment and settlement functions, turning Travacoin into a unique payment solution for the entire travel industry” Brian Whelan, Chief Executive Officer of Travacoin said.