IDEAS home Printed from https://ideas.repec.org/a/taf/rcitxx/v24y2021i22p3165-3181.html
   My bibliography  Save this article

Cryptocurrency adoption in travel and tourism – an exploratory study of Asia Pacific travellers

Author

Listed:
  • Horst Treiblmaier
  • Daniel Leung
  • Andrei O. J. Kwok
  • Aaron Tham

Abstract

Blockchain technologies are predicted to substantially transform the tourism industry. At present, cryptocurrencies are the most advanced application of public blockchains that promise benefits such as a universal means of payment and minimal fees through the removal of intermediaries. In the tourism industry, though many tourism vendors have been accepting cryptocurrencies and the potential of using cryptocurrencies in travel-related consumption has been intensively documented, existing knowledge about travellers’ intention to use cryptocurrencies for payment purposes is limited. Traditional models do not account for the idiosyncrasies of cryptocurrencies and are therefore less appropriate to foster the understanding of travellers’ adoption of travel-related payments. To fill this knowledge gap, an exploratory study was conducted with 161 travellers from the Asia-Pacific region who have previously consumed travel-related services with cryptocurrencies. Their previous usage experiences are analysed and reported. Through harnessing the correspondence analysis, several technological contingency factors were identified, as well as positive and negative perceptual antecedents. Additionally, their levels of satisfaction and intention to re-use the technology in future trips were investigated. Based on these findings, several propositions are suggested for guiding future research on travellers’ cryptocurrency adoption in the travel and tourism contexts.

Suggested Citation

  • Horst Treiblmaier & Daniel Leung & Andrei O. J. Kwok & Aaron Tham, 2021. "Cryptocurrency adoption in travel and tourism – an exploratory study of Asia Pacific travellers," Current Issues in Tourism, Taylor & Francis Journals, vol. 24(22), pages 3165-3181, November.
    • Handle: RePEc:taf:rcitxx:v:24:y:2021:i:22:p:3165-3181
    DOI: 10.1080/13683500.2020.1863928
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/13683500.2020.1863928
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/13683500.2020.1863928?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Andrei O. J. Kwok & Sharon G. M. Koh, 2019. "Is blockchain technology a watershed for tourism development?," Current Issues in Tourism, Taylor & Francis Journals, vol. 22(20), pages 2447-2452, December.
    2. Sean Foley & Jonathan R Karlsen & Tālis J Putniņš, 2019. "Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies?," The Review of Financial Studies, Society for Financial Studies, vol. 32(5), pages 1798-1853.
    3. Josep A. Ivars-Baidal & Marco A. Celdrán-Bernabeu & Jose-Norberto Mazón & Ángel F. Perles-Ivars, 2019. "Smart destinations and the evolution of ICTs: a new scenario for destination management?," Current Issues in Tourism, Taylor & Francis Journals, vol. 22(13), pages 1581-1600, August.
    4. M. Claudia tom Dieck & Timothy Jung, 2018. "A theoretical model of mobile augmented reality acceptance in urban heritage tourism," Current Issues in Tourism, Taylor & Francis Journals, vol. 21(2), pages 154-174, January.
    5. Ewelina Lacka, 2020. "Assessing the impact of full-fledged location-based augmented reality games on tourism destination visits," Current Issues in Tourism, Taylor & Francis Journals, vol. 23(3), pages 345-357, February.
    6. Önder, Irem & Treiblmaier, Horst, 2018. "Blockchain and tourism: Three research propositions," Annals of Tourism Research, Elsevier, vol. 72(C), pages 180-182.
    7. Shahzad, Fakhar & Xiu, GuoYi & Wang, Jian & Shahbaz, Muhammad, 2018. "An empirical investigation on the adoption of cryptocurrencies among the people of mainland China," Technology in Society, Elsevier, vol. 55(C), pages 33-40.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Eugene Bland & Chuleeporn Changchit & Robert Cutshall & Long Pham, 2024. "Behavioral and Psychological Determinants of Cryptocurrency Investment: Expanding UTAUT with Perceived Enjoyment and Risk Factors," JRFM, MDPI, vol. 17(10), pages 1-22, October.
    2. Manahov, Viktor & Li, Mingnan, 2024. "Stablecoins: New perspectives for travel and tourism," Annals of Tourism Research, Elsevier, vol. 107(C).
    3. Treiblmaier, Horst & Petrozhitskaya, Elena, 2023. "Is it time for marketing to reappraise B2C relationship management? The emergence of a new loyalty paradigm through blockchain technology," Journal of Business Research, Elsevier, vol. 159(C).
    4. Ankit Dhiraj & Sanjeev Kumar & Divya Rani & Simon Grima & Kiran Sood, 2023. "Blockchain Payment Services in the Hospitality Sector: The Mediating Role of Data Security on Utilisation Efficiency of the Customer," Data, MDPI, vol. 8(8), pages 1-14, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Junwei Chen & Xiaohong Wu & Ivan Ka Wai Lai, 2023. "A Systematic Literature Review of Virtual Technology in Hospitality and Tourism (2013–2022)," SAGE Open, , vol. 13(3), pages 21582440231, August.
    2. Matteo Cristofaro & Pier Luigi Giardino & Sanjay Misra & Quoc Trung Pham & Hai Hiep Phan, 2022. "Behavior or culture? Investigating the use of cryptocurrencies for electronic commerce across the USA and China," Management Research Review, Emerald Group Publishing Limited, vol. 46(3), pages 340-368, May.
    3. Pho, Kim Hung & Ly, Sel & Lu, Richard & Hoang, Thi Hong Van & Wong, Wing-Keung, 2021. "Is Bitcoin a better portfolio diversifier than gold? A copula and sectoral analysis for China," International Review of Financial Analysis, Elsevier, vol. 74(C).
    4. Manahov, Viktor & Li, Mingnan, 2024. "The implications of virtual money on travel and tourism," Annals of Tourism Research, Elsevier, vol. 105(C).
    5. Chang, Mona & Walimuni, Arachchilage C.S.M. & Kim, Min-cheol & Lim, Hwa-soon, 2022. "Acceptance of tourism blockchain based on UTAUT and connectivism theory," Technology in Society, Elsevier, vol. 71(C).
    6. Hanna Halaburda & Guillaume Haeringer & Joshua Gans & Neil Gandal, 2022. "The Microeconomics of Cryptocurrencies," Journal of Economic Literature, American Economic Association, vol. 60(3), pages 971-1013, September.
    7. Marco Valeri & Rodolfo Baggio, 2021. "A critical reflection on the adoption of blockchain in tourism," Information Technology & Tourism, Springer, vol. 23(2), pages 121-132, June.
    8. Goodell, John W. & Goutte, Stephane, 2021. "Co-movement of COVID-19 and Bitcoin: Evidence from wavelet coherence analysis," Finance Research Letters, Elsevier, vol. 38(C).
    9. Binh Nguyen Quang & Thai‐Ha Le & Canh Nguyen Phuc, 2022. "Influences of uncertainty on the returns and liquidity of cryptocurrencies: Evidence from a portfolio approach," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 2497-2513, April.
    10. Anil Donmez & Alexander Karaivanov, 2022. "Transaction fee economics in the Ethereum blockchain," Economic Inquiry, Western Economic Association International, vol. 60(1), pages 265-292, January.
    11. Erdogan Kaygin & Yunus Zengin & Ethem Topcuoglu & Serdal Ozkes, 2021. "The Evaluation of Block Chain Technology within the Scope of Ripple and Banking Activities," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 10(3), pages 153-167.
    12. Raphael Auer, 2019. "Beyond the doomsday economics of "proof-of-work" in cryptocurrencies," BIS Working Papers 765, Bank for International Settlements.
    13. Jason Scharfman, 2022. "Additional Crypto Operations and Compliance Topics," Springer Books, in: Cryptocurrency Compliance and Operations, edition 1, chapter 0, pages 205-221, Springer.
    14. Daniela Balutel & Walter Engert & Christopher S. Henry & Kim P. Huynh & Marcel Voia, 2024. "Explaining bitcoin ownership in Canada: Trends from 2016 to 2021," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 57(3), pages 777-798, August.
    15. Ashton, John & Burnett, Tim & Diaz-Rainey, Ivan & Ormosi, Peter, 2021. "Known unknowns: How much financial misconduct is detected and deterred?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
    16. Smales, L.A., 2019. "Bitcoin as a safe haven: Is it even worth considering?," Finance Research Letters, Elsevier, vol. 30(C), pages 385-393.
    17. Dyhrberg, Anne H. & Foley, Sean & Svec, Jiri, 2018. "How investible is Bitcoin? Analyzing the liquidity and transaction costs of Bitcoin markets," Economics Letters, Elsevier, vol. 171(C), pages 140-143.
    18. Böyükaslan, Adem & Ecer, Fatih, 2021. "Determination of drivers for investing in cryptocurrencies through a fuzzy full consistency method-Bonferroni (FUCOM-F’B) framework," Technology in Society, Elsevier, vol. 67(C).
    19. René M. Stulz, 2022. "FinTech, BigTech, and the Future of Banks," Journal of Applied Corporate Finance, Morgan Stanley, vol. 34(1), pages 106-117, March.
    20. Di Casola, Paola & Habib, Maurizio Michael & Tercero-Lucas, David, 2023. "Global and local drivers of Bitcoin trading vis-à-vis fiat currencies," Working Paper Series 2868, European Central Bank.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:rcitxx:v:24:y:2021:i:22:p:3165-3181. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/rcit .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.