As a seasoned analyst with a keen eye for disruptive technologies and their potential impact on traditional industries, I find the partnership between Camino Network and Monerium to be a noteworthy development. Having spent years observing the travel industry grapple with outdated payment systems, I can’t help but feel a sense of relief and excitement about this collaboration.
Collaboration between Camino Network and digital money provider Monerium is set to boost on-chain payment solutions within the travel sector. This alliance introduces Monerium’s widely used EURe (on-chain Euro) into the Camino Network, empowering users to perform transactions with travel businesses directly.
Under this arrangement, Monerium’s innovation will facilitate businesses on the Camino Network to link their conventional bank accounts with Web3 digital wallets, ensuring compatibility with banking systems like SEPA. Additionally, Monerium’s EURe is planned to be accessible through Camino Messenger, a protocol for travel industry distribution and sourcing that has already been connected by notable entities in the travel sector such as Lufthansa Group, MTS, and Invia.
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.
According to Camino Network, they aim to lower the expensive aspect of trust that comes from solely relying on conventional payment methods within the travel sector.
According to Pablo Castillo, CEO of Camino Network Lab, the travel industry consistently struggles with narrow profits due to high operational costs. One major expense is payment processing, which typically amounts to 3% per transaction. By utilizing Monerium’s blockchain technology for onboarding and settlement, we can significantly lower these costs and boost earnings for travel companies. This collaboration signifies a significant stride toward developing a more streamlined and eco-friendly financial system within the travel sector.
By teaming up Monerium’s on-chain fiat service with Camino Network’s blockchain foundation, they aim to bring substantial advantages to both consumers and the travel industry. Consumers will relish lower agency fees, leading to better pricing, as well as quicker cross-border transactions facilitated by blockchain technology. On the other hand, travel companies can streamline their operations through real-time inventory management, automated settlements, and swifter, more efficient payment processing.
By integrating EURe into the Camino Network, we demonstrate our commitment to bridging conventional finance with blockchain technology. We’re thrilled about collaborating with Camino Network, whose advanced infrastructure is crucial for facilitating seamless, swift, and cost-effective transactions in the travel sector. This collaboration not only simplifies transactions but also serves as a potent illustration of how on-chain fiat can revolutionize industry-specific payment systems, ultimately leading to a more streamlined financial future,” remarked Gisli Kristjánsson, co-founder and CEO of Monerium.
By the close of December 2024, it’s expected that Monerium’s EURe will become operational on the Camino Network’s testing platform. The official launch on the main network is set for January 2025.
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2024-12-04 18:34