GuestLogix Announces Acceptance of Bitcoin Currency as a Form of Payment on its Retail Platform
GuestLogix Inc. (TSX:GXI), the leading global provider of ancillary-focused merchandising, payment and business intelligence technology to airlines and the passenger travel industry, today announced that it has started implementing Crypto-currency wallet components on its Transaction Processing Engine® to enable the acceptance of Bitcoin and similar virtual currencies on its widely used Retail Platform.
The Company's PCI-certified Transaction Processing Engine (TPE) currently supports ancillary revenue programs of more than 80 travel operators and handles payments across 114 countries.
By adding a virtual currency wallet to the TPE, acceptance of Bitcoin will become readily available on GuestLogix' custom handheld POS terminals and mobile POS platform for Android OS, iOS and MS Windows Mobile. This will allow airlines, as well as other operators and brands within the travel segment, to be able to accept payments in virtual currencies in a secure and reliable manner at all access points such as mobile applications, at kiosks, on handheld POS devices as well as in-flight entertainment systems onboard aircraft.
"As ancillary products and services continue to be a vital business component at virtually every touch point where travel operators connect with their passengers, and with an ever growing population of travellers carrying smartphones and holding virtual currencies, there is a need to ensure those travellers can use Bitcoin currency consistently as a form of payment within each access point," said Brett Proud, President & CEO of GuestLogix. "We are proud that the core components of GuestLogix' payment solutions will soon be Bitcoin-enabled for all travel operators and ancillary providers to integrate with."
Using its TPE, GuestLogix will allow passengers to pay for products and services using Bitcoin currency. In an offline environment, such as onboard an aircraft with no internet connectivity, passengers can continue to use their own Bitcoin wallets available on their mobile smartphones to transact with the GuestLogix POS terminals. GuestLogix will be accepting the payment and remitting the funds to its customers at a later time when connectivity is available.
Travel operators can also opt to price products and services in Bitcoins by utilizing the special pricing and promotions module on GXI's Retail Platform. Travel operators may choose to maintain Bitcoin addresses to receive the payments directly. Alternatively, Bitcoin funds accepted from the passenger will be converted using the daily exchange rate of the Bitcoin relative to the travel operator's base currency and the converted funds will be remitted to their bank account.
GuestLogix Inc. (TSX:GXI), is a global leader in comprehensive merchandising, payment and business intelligence technology delivered to the passenger travel industry, both onboard and off-board. Bringing over a decade of expertise as the industry's most trusted onboard transaction processing partner to airlines, rail operators and elsewhere in the passenger travel industry, GuestLogix powers the industry's growing reliance on ancillary revenue generation. Both direct to operators as well as through partnerships with global leaders in catering, duty-free, inflight entertainment and self-service retail experts, the Company provides the payment services touching over 1 billion travelling consumers each year. On December 23, 2014, GuestLogix announced the acquisition of OpenJaw Technologies, a Dublin-based technology company focused on travel retailing innovation in the e-commerce segment. GuestLogix' global headquarters and centre for product innovation is located in Toronto, with regional head offices located in Dallas, London and Hong Kong, and a Product Innovation Lab located in Moncton.
More information about GuestLogix http://www.guestlogix.com/ and http://www.openjawtech.com/
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® Transaction Processing Engine is the property of GuestLogix and is registered in the United States and may be pending or registered in other countries.
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with GuestLogix' business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect GuestLogix' current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks and Uncertainties" in the Filing Statement filed on November 3, 2014 with the regulatory authorities. GuestLogix assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.