Japanese airline firm Peach Aviation has announced that it plans to start accepting payments through Bitcoin.
The low-cost Japanese airline confirms that it does indeed plan to start accepting Bitcoin as a payment option. The company plans to roll out bitcoin payments through a partnership with a cryptocurrency exchange called Bitcoin Japan. The company had initially revealed the plan back in May last year, stating that it would make the payment option available to customers before the year ended. However, the Japanese ended up postponing the launch until March this year.
Peach Aviation plans to continue with the plan despite the negative publicity that is currently surrounding cryptocurrency. Bitcoin has especially been experiencing a lot of volatility. Its price managed to hit an all-time high of more than $18,000 in December last year but the price has since then dropped down drastically with the latest decline being lower than $6,000. Despite the volatile performance, there is still growing interest in the use of Bitcoin as a payment option.
Other than the tanking cryptocurrency prices, there is also the fact that regulation has been a hot topic, including the fact that some Asian countries including China are banning cryptocurrency exchanges. There is also the fact that crypto exchanges have lately been hot targets for hackers with Coincheck being the latest victim. However, Peach Aviation is determined to continue with its planned launch of bitcoin acceptance.
“There have been some reports today on our company retracting its plan to enable airline tickets to be purchased with Bitcoins; however, this is not something that was announced by our company and is not a fact. We are currently considering our start period in aiming to introduce such a service,” wrote Peach Aviation in a statement on their website, denying plans to abandon the plan for bitcoin payments.
Peach Aviation might become the first aviation company to start accepting bitcoin payments but it is not the only one in the world. AirBaltic has been offering bitcoin payment for ticket purchases since July 2017. Singapore Airlines also announced that it plans to roll out the Frequent Flyer app which is based on blockchain technology in August this year.