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What Value Will Facebook's Libra Have in Booking Transactions

What Value Will Facebook’s Libra Have in Booking Transactions?

While throughout Europe the exponents of Souverainism are making proselytes on the nostalgic return to the local currencies abandoning the Euro, while Great Britain does not succeed to leave from the own impasse of the Brexit here comes the news of the day in the online world overturns certain intentions and expectations of 360 degrees . The obvious antithesis between the past of the first and the future of Libra, between the localism of the one and the globalism of the other makes it seem almost mocking.

NB: This is an article from one of our Expert Partners: Hotelperformance

So the project of the global online currency based on blockchain technology started and its introduction in mid-2020 is planned. Facebook through its subsidiary Calibra has put its face and a few dollars as its own project but, in reality, it is one of the 28 founders of Libra Association together with, among others, Booking Holding.

The announcement was immediately followed by reassurances regarding the distinction between social and financial profile data, even if someone doubts that the company that built its wealth on the data possession will not be tempted by the succulent opportunity to put together the two.

It has also been ensured by Zuckerberg himself, in the Wall street Journal, through a real article signed by him – and not just a simple press release – that the user’s privacy will be guaranteed in this eternal chase between regulations and circumventions similar to those of Lupine III and Zenigata.

Finally it was guaranteed that the new global cryptocurrency will not suffer the same currency fluctuations suffered by Bitcoin as it was expected to anchor its value to a basket of activities aimed at guaranteeing its stability and defending it from all forms of speculation, which should imply agreements with banking authorities, not yet defined, to prevent money laundering and other financial crimes.

So let get ready to empty our pockets and bank accounts to fill our virtual wallets: hotels will not be excluded from this global revolution, given the participation of the Amsterdam giant. For a year and a half, Booking.com has prepared the field with the introduction of the virtual card payment, which its activation is still at hotel choice. Despite it has not been publicized and well communicated this will become binding, at least from a market and competitive point of view, to the extent that this new payment formula will spread.

While we are already experiencing the implications of the numerous changes are having on our sales strategies, like the Early Payment Benefit and the Booking Basic, whose correlation for the moment remains my simple inference, the news about Libra risks spreading further terror in the naive Hotelier. We will have to turn our gaze to a new way of conceiving new pricing strategy and, therefore, wide the debates on the countermeasures to “contrast” the ever greater power of the big international operators, or even better adapt ourselves and be protagonists within the new scenarios that they deliver to us.

There is nothing to be done, local governments and institutions chase each other, they take a running start and make another step towards a sort of liberal supranationalism; after taxation also the currency begins to escape the logic to which we have been accustomed and, even before the hotels, institutional bodies will have to take their own counter measures.

So far, the only operators in the tourist market involved in this project are Booking and Uber; we will see how other operators will move; in the meantime we can advise you to keep up to date on the topic, do not underestimate the moves and match as much as possible with the professionals of the sector.

So let mark this appointment for mid-2020 and see how the experience of buying hotel stays online will change and, on the other side of the coin, for hoteliers the sales experience and – above all – the cash out.

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