Yesterday, the Travala team, the famous platform for booking over 2 million hotels worldwide, announced a new option for its users, concerning the refund of reservations, which will be made through the Binance BUSD stablecoin.
— Travala.com 🏨 ✈️ 🏡 (@travalacom) July 27, 2020
It’s been some time since Travala started using Binance’s blockchain and his BEP2 tokens. This has allowed the company to better develop the ecosystem and take advantage of some tokens available on this blockchain such as the Binance (BUSD) stablecoin.
The need to integrate BUSD was born to solve the problems related to travel refunds, especially in the period of the Coronavirus pandemic that caused the company to give up many trips already scheduled.
When you make a refund with a traditional system, in fact, the waiting times are very long, unlike using cryptocurrencies.
The situation is in fact different when using the blockchain because a transaction is processed in a short time.
Travala, how refunds work on blockchain
As we know a cryptocurrency transaction cannot be refunded, since it is unchangeable, therefore you have to make a different transaction, which is obviously not easy because the company should associate a user to an address.
So Travala adopted an ingenious solution and inserted on the user interface the possibility to create a second wallet and manage the stablecoin BUSD.
Once the user has made a reservation paying with cryptocurrency, in case of automatic and almost instantaneous refund, the refund will be made through the stablecoin BUSD, so the user will not have to wait or complete tedious procedures.
In addition, thanks to the possibility of having more wallets within the platform you also have the possibility to split payments in a simplified way and therefore without necessarily using all the funds contained in the wallet.
Surely the world of tourism has suffered a hard blow because of the Covid 19 and to recover it will need a good momentum, so Travala is focusing on simplifying the system and speeding up the procedures in order to start again in the best way.