In a move aimed towards increasing its customer service, accessibility and levels of customization, Monarch Air Group has chosen to provide this added feature, the Bitcoin payment method.
In a fast-paced market that thrives on time-efficiency, being subject to the limitations of banking hours is not an option for today’s global private jet customers. That’s the train of thought of Rishi Maharaj, Executive Account Manager for Monarch Air Group. “In a world where the business aviation market is more of a necessity than a luxury, as an industry leader, Monarch, is among the first in line to evolve and accept the new currency. We at Monarch continuously enhance and streamline our booking process, with methods like digital contracts, live online quoting and no membership fee charter programs.”
Created in 2009, Bitcoin has no transaction fees and no financial institutions serve as the middleman. There’s even no need to give your real name during the transaction. Monarch Air Group projects that during 2018 approximately between 3 to 5 percent of flights will be booked using Bitcoin as a payment mechanism. “It might be even more; a fact that wouldn’t come as surprise for us due to the steady increase in transactions registered on a yearly basis”, concluded Maharaj.
Bitcoin’s transaction volume in 2017 raised to $260 million per day - or $180,000 per minute, according to the latest statistics; up 55% in 2017 as reported by Cointelegraph.com.
This solidifies Bitcoin’s position, the first decentralized digital currency, as a reality in the payment realm. It will be interesting to see how the business aviation market, where the main customers are CEO’s and top executives, choose to move on from here. It might be a mix of credit card, wire transfer and Bitcoin to secure bookings; for the latter the amount of usage will continue to vary depending on its monthly and even weekly price fluctuation.
