Monerium has formed a partnership with Camino Network, an innovator in blockchain-powered payment solutions for the travel industry.
This collaboration introduces Monerium’s EURe, the world’s first Euro on-chain, to Camino Network. It will provide seamless Euro-denominated transaction tailored to travel business needs.
This initiative is designed to tackle some of the persistent issues in the industry, including high fees for international payments, long settlement times and complex reconciliation procedures.
This partnership allows travel companies to leverage Monerium’s on-chain payments capabilities, as well as Camino Network’s scalable Blockchain infrastructure, in order to improve their profitability, streamline their operations and reduce costs.
Travel payments: tackling inefficiencies
Payment fees of 3% or more per transaction are common in the global travel industry.
It can eat into profits, and an EBIT as low as 1% may be considered successful.
Monerium’s blockchain-based payments system allows travel companies to drastically cut payment costs, while still maintaining traditional financial regulations.
Pablo Castillo (CEO of Chain4Travel, the lab that created Camino Network) highlighted this partnership’s transformative potential.
By leveraging Monerium’s blockchain-based capabilities, for on-ramping settlement and payment processing, we are able to drastically lower the cost of payments and increase profits for travel companies. This partnership is a significant step in the creation of a sustainable and efficient financial infrastructure within the travel industry.
Travel ecosystem benefits
Monerium EURe seamlessly integrates with Camino Network to offer businesses the ability to program transfers between IBAN account and web3 wallets.
The ability to use Euros for on-chain transactions and payments eliminates the requirement of managing tokens native to blockchain.
Businesses can gain an edge in the market with instant SEPA transfers, automated smart contracts and improved transparency.
This partnership offers significant benefits to consumers.
Travel companies are able to pass on savings through lower prices by using a payment system that has no fees.
Transactions in real-time ensure smoother payments across borders, improving the travel experience.
Integration opens up new opportunities for businesses.
- Trading of stocks in real-time.
- Automatic settlement of commissions
- Efficient cross-border payment handling.
The bridge between Blockchain and Traditional Finance
Gisli Kristijansson is the co-founder of Monerium and its CEO. He stressed how important this integration was:
The addition of EURe to Camino Network demonstrates our commitment to connect traditional finance to blockchain. This partnership helps to streamline transactions and also shows how fiat on the blockchain can be used in industry-specific payments systems, creating a more efficient future.
Future plans and Pilot Programs
Monerium’s EURe is scheduled to go live in the testnet of Camino Network by the end 2024. The mainnet will launch on January 2025.
Pilot projects, involving key players from the travel industry, like Lufthansa Group or MTS, are underway.
The travel industry has made a major leap with this collaboration, which shows how the blockchain can help bridge the divide between decentralized infrastructure and legacy financial systems.
The partnership, which combines Monerium’s on-chain payments solutions with Camino Network’s capabilities sets new standards for innovation and efficiency in travel payment.
The post Monerium and Camino Network Partner to Revolutionize Travel Payments may be updated as new information becomes available
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