By Jan Onoszko
CNW’s correspondent in Brazil
Based in Dubai, Bestkoin (www.bestkoin.org), the first cryptocurrency with a focus on the international tourism market has started a partnership this Tuesday (30/01) with the Brazilian company netPDV (www.netpdv.com.br), Latin America’s leader in cashless payments in the entertainment industry.
“The tourism market continues to grow in many parts of the world. It’s an excellent niche market for companies which offer innovative services that make life easier for entrepreneurs and travelers, without compromising online security”, Pedro Ribeiro, the Portuguese businessman and Bestkoin co-founder, said.
The partnership between the two companies aims to offer a more, practical, secure and swift way to pay for cultural, tourism and leisure services in Brazil and all over the world by using a pre-paid card or RFID wristband loaded with Bestkoins.
“Since 2015, we have been offering our cashless form of payment to nearly 70 million people in Latin America and Europe. There’s a trend towards massification in the use of cryptocurrencies. We couldn’t let this opportunity slip. The fact that Bestkoin is primarily focused on the tourism sector makes a difference”, Bruno Lindoso, CEO of netPDV, explained.
According to data from ABECS, the Brazilian association of credit card and service companies, Brazilians made credit card purchases worth R$720 billion during the first semester of 2018, an increase of 13.6% compared with the same period in 2017, the biggest increase registered by the association in the last four years.
In Latin America, this initiative is still quite modest, unlike some other countries such as Sweden, where retailers no longer accept cash payments, and Denmark where a government initiative will make the country completely cash free.
The company arose from event producers’ need to have better control of food and drink operations. The cashless system makes auditing transactions faster, more transparent and secure.
The company has been involved in Brazil’s biggest events such as the Formula 1 Brazilian Grand Prix, Blumenau Oktoberfest, Rock in Rio, the Olympic Games Rio 2016, and Ultra Music Festival, among others. After consolidating its position as market leader in Brazil, it expanded internationally taking part in events in Mexico, the US, Guatemala, Portugal, Peru and Uruguay.