One of Norway’s biggest airlines, Norwegian Air, is reported to have plans of incorporating bitcoin payments into its payment system. In this new arrangement, passengers or customers would be able to buy air tickets using cryptocurrencies like bitcoin.
This news is the first to be confirmed in Norway and it leads the blockchain aviation business in the region. According to the report, Norwegian Air plans to open its own cryptocurrency exchange to facilitate the process.
The Norwegian Air’s crypto exchange, Norwegian Block Exchange (NBX) which is yet to be made public in its details will function as the typical crypto exchanges and allow for trading of cryptocurrencies as well as buying airline tickets using bitcoins.
Following this development, Norwegian Air is set to launch its new crypto payment for plane tickets on its Norwegian Block Exchange (NBX) in August while the plan to extend this to other neighboring countries is actively being developed.
As part of the new payment system implementation, Norwegian Block Exchange would integrate the existing reward program in which customers could earn points trading on the exchange and can exchange these points for discounts on plane tickets.
According to Stig A. Kjos-Mathisen, the Norwegian Block Exchange’s head,
“NBX’s customers are given the opportunity to earn cash points “on trades on the stock exchange, as well as on payments made through the payment solution NBX stock for the airline,”
Blockchain has found its way into the aviation sector for quite a while. With many of the airlines which accept cryptocurrencies for plane tickets being outside Norway, this news adds the country to the list of those adopting the system early enough.
Among the airlines who’s system allows for cryptocurrency payments include CheapAir, Destina, AirBaltic, Peach Aviation and so many more, some of which began the process as far back as 2013.