Harsh Vardhan
Monerium, a pioneer in on-chain fiat solutions, has partnered with Camino Network to accelerate the adoption of blockchain-powered payments in the travel industry.
The collaboration will introduce Monerium’s EURe, the first on-chain Euro, to the Camino Network, providing seamless Euro-denominated transactions tailored to the needs of travel businesses.
This strategic initiative aims to address some of the industry’s persistent challenges, such as high international payment fees, lengthy settlement times, and complex reconciliation processes.
Through this partnership, travel companies can leverage Monerium’s on-chain payment capabilities and Camino Network’s scalable blockchain infrastructure to streamline operations, reduce costs, and improve profitability.
Tackling inefficiencies in travel payments
The global travel industry often operates on thin profit margins, with payment fees averaging 3% per transaction.
This eats into earnings, where an EBIT of just 1% is often considered a success.
By adopting Monerium’s blockchain-based payment system, travel businesses can drastically reduce payment costs while maintaining compliance with traditional financial regulations.
Pablo Castillo, CEO of Chain4Travel (the lab behind Camino Network), highlighted the transformative potential of this collaboration:
“By leveraging Monerium’s capabilities for blockchain-based on-ramping and settlement, we can drastically reduce payment costs and improve the bottom line for travel businesses. This partnership represents a major step forward in creating a more efficient and sustainable financial infrastructure for the travel industry.”
Key benefits for the travel ecosystem
Monerium’s EURe integrates seamlessly with Camino Network, offering businesses programmable transfers between IBAN accounts and web3 wallets.
This capability eliminates the need for managing blockchain-native tokens, allowing companies to transact and settle payments on-chain using Euros.
With instant SEPA transfers and automated smart contracts, businesses gain a competitive edge through reduced costs, improved efficiency, and enhanced transparency.
The partnership also introduces significant advantages for consumers.
With a zero-fee payment infrastructure, travel companies can pass savings on to customers through better pricing.
Real-time transactions ensure smoother cross-border payments, enhancing the overall travel experience.
For businesses, the integration opens new possibilities, including:
- Real-time trading of inventory.
- Automated commission settlements.
- Efficient cross-border payment handling.
A bridge between blockchain and traditional finance
Gísli Kristjánsson, co-founder and CEO of Monerium, emphasized the significance of this integration:
“Adding EURe to the Camino Network shows our dedication to connecting traditional finance with blockchain. This partnership not only helps streamline transactions but also sets a powerful example of how on-chain fiat can transform industry-specific payment systems and create a more efficient financial future.”
Future plans and pilot programs
Monerium’s EURe will go live on Camino Network’s testnet by the end of 2024, with the mainnet launch planned for January 2025.
Integration efforts are already underway, with pilot projects involving major players in the travel sector, such as Lufthansa Group and MTS.
This collaboration signifies a significant leap forward for the travel industry, demonstrating how blockchain technology can bridge the gap between legacy financial systems and decentralized infrastructure.
By combining Monerium’s on-chain payment solutions with Camino Network’s capabilities, the partnership sets a new standard for efficiency and innovation in travel payments.
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