Payment solutions have always been a source of concern for both travelers and travel companies, especially in countries where credit card payment is not a widely used option. Glenn Fogel, CEO of Booking Holdings, is a staunch supporter of any upcoming technology that refines the user experience. Thus, Fogel’s keen interest in cryptocurrencies and blockchain technology is only par for the course.
Fogel, who is the president of one of the world’s largest online travel service providers, announced in his interview that he has his eye on Facebook’s megaproject Libra, as he believes that the ingenious concept of a global currency can potentially drive industry transformation.
Although Booking Holdings had expressed its intent on coming onboard the Libra association earlier this year, Fogel mentioned that a globally accepted, protected, and secure digital currency, not particularly Libra, is an invention that the world needs to have.
Cryptocurrency adoption is approaching and fast, says Booking.com CEO
Fogel went on to add that currencies derived from blockchain will continue to take shape and bring with them a new wave of cryptocurrency adoption, especially outside of the United States.
Sharing his opinion on how the younger generation is leaning towards digital modes of payment, Fogel remarked that cash’s rapid obsolescence is inevitable. The future generations will prefer making payments with a few clicks from their mobile phones, he contends.
However, in making this happen, Fogel insists that data privacy and information security will be of the essence. Whether it is Facebook’s Libra, Bitcoin, or any other leading cryptocurrency, reliability of digital payments platforms will play a big part in ensuring a seamless user experience.
While Fogel is not the only one to raise this concern, Ethereum’s co-founder, Vitalik Buterin, also gave a similar cause of concern during his interview with The Star. the Russian multimillionaire that the cryptocurrency industry is yet to overcome its biggest hurdle of usability and account information security.
To conclude, even if the industry manages to put right these pressing issues, will it propel the much-awaited widespread cryptocurrency adoption? In other words, are security and efficiency the only obstacles to cryptocurrency adoption?