This is not another lifestyle article to talk about traveling and places we have been to; this is an article to shed light on the future of traveling via cryptocurrency. Just earlier in August, my wife and I traveled to Europe for our summer holiday. We visited a number of cities like Rome, Florence, Milan, Paris, Brussels, and London (well, Brexit talks are still underway while we were there). Previously, I wrote about receiving my MCO Visa card and I was determined to put it into good use on our trip this time to prove its utility.
How does it work?
The MCO App allows its users to convert between fiat and cryptocurrencies easily and deposit into/ withdraw from the MCO Visa Card without additional fees at the time of writing. The process of spending your cryptocurrency is as simple as the following steps:
- Deposit supported coins (BTC, ETH, LTC and major coins are supported) into your MCO App.
- Convert and deposit cryptocurrency as fiat into your MCO Visa card (works like a debit card, you can only spend the amount deposited into your card).
- Use your MCO Visa card as you normally will with any merchant or retailer that accepts Visa.
Shopping, Ferrari Experience, and Food
What does shopping, driving a Ferrari down a Milan highway and food have in common? None. Diverse activities all paid for, with my digital assets from MCO apps. With reference to the transactions history above, I first deposited $200 SGD from some of my ether into the MCO Card. Thereafter, I converted them into EUR with no transaction fees (it is minimal even if there is as compared to money changers). The time I took to convert the digital asset to making payment at the cashier? 30 seconds tops.
I spent € 58 in a retailer on my first day. A couple of Macdonald meals across cities in Europe and most notably drove a Ferrari F430 down a Milan highway (the € 149 booking, shoutout to Ricardo for being an excellent instructor). This is a small experiment (total spending of ~ € 260), but I believe we can rely on new blockchain solutions to further reduce transaction fees and improve convenience while travelling. Here are some of the photos from our trip!
In 2019, I shopped from a retailer in Rome. Test drove a Ferrari in Milan at high speed. Bought MacDonalds in various cities across Europe, and paid for internet access in London. All these without having to visit a money changer or take out cash from my wallet. I have got a glimpse of how the future of payment will look like for tourists as we move towards contactless payment and cashless societies. With the growth of new solutions related to cryptocurrency, I foresee the benefits for tourists will be more prevalent as we move forward to the next decade.
What do you think travelling will look like in 2029 as blockchain and cryptocurrency mature? We would love to hear your comments!