Passenger Transport Companies in Brazil to Accept Cryptocurrency

Passenger Transport Companies in Brazil to Accept Cryptocurrency

Two transport companies of the GSB group, Viação Garcia, and Brazil Sul are the first transportation companies in Brazil that will accept cryptocurrencies as a form of payment.

Initially, the companies are accepting only Bitcoins. Bitcoin cash and Litecoin will be added as a payment option by July.

The bus services cover the transportation of passengers between cities of major metropolitan regions for urban and semi-urban areas. They also offer sightseeing trips for clubs, schools, companies, unions, religious groups and general excursions in state-of-the-art fleets.

Customers will open their personal virtual wallets and scan the code that appears on their screen for payment. The crypto payment is available for online booking. And a voucher will be forwarded to customer’s email for payment confirmation.

Brazil has been really enjoying crypto trading as Brazilians exchanged almost $2.4 billion in Bitcoin in 2017.

GBS Group Vice President Estefano Boiko Jr said,

“Many of the economic and commercial operations are migrating to the digital world, and in the road passenger transport segment it’s no different”

There have been recent clashes between cryptocurrency exchanges and traditional banks in Latin America which finally resulted in a decision to stop servicing crypto clients. But still, the new class of merchants and service providers is incorporating them into their daily transactions and business activities.

The decision by GSB Group to adopt cryptocurrencies coincides with a larger trend toward globalizing passenger transport payments. The initiative Brisk Pass, founded in Germany, is a global blockchain-based system for public transport transactions. Members will use a native cryptocurrency wallet called the Brisk Wallet and pay with the BriskCoin. Smart contracts will allow members to use public transportation anywhere in the world without needing to purchase tickets in different fiat currencies.

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