Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading globalinformation technology, consulting, and business process servicescompany, today announced that it has developed a blockchain-basedpayment solution for Travacoin, a company specializing in an eponymousdigital payment solution. Travacoin is a digital payment system whichenables airlines to refund and compensate passengers in a timely mannerwhen a disruption occurs.
Passengers will be notified of a delay or cancellation and refunded inthis digital currency, which can be used to repurchase airline tickets,book hotels and avail other airport and travel related services.Passengers will benefit by way of a significant reduction in the waitingtime for compensation. In addition, passengers can use Travacoins atretail stores in and around the airport and avail attractive discountsoffered by retail partners.
By compensating passengers with Travacoins, airlines will be able toreduce their administrative overheads and channel the savings to offer abetter travel experience to fliers. A recent study conducted by FTIConsulting, and commissioned by Travacoin on the commercial feasibilityof using digital tokens for refunds and compensation for flight delaysindicates that Travacoins will save airlines between 20% and 40% of whatthey are currently paying passengers in cash and will also increasecustomer loyalty towards airlines through improved convenience duringtravel disruptions like airline delays.
Brian Whelan, Chief Executive Officer of Travacoin said,”Travacoin is a unique solution to a common problem faced by theairlines industry today. With every delay, be it caused by a staffstrike or a technology problem, comes an increasing number of claimsfrom passengers. Airlines respond defensively, consequently losingcustomer loyalty as well as millions in hard currency along the way.This solution offers airlines a cost effective way to reconnect withtheir passengers in a positive way, turning adversity into opportunity.As we expand, the plan is to grow the solution to encompass otherpayment and settlement functions, turning Travacoin into a uniquepayment solution for the entire travel industry. Wipro’s deep domainknow-how of the industry processes, blockchain expertise, and ability torapidly co-innovate and scale-up the solution has been critical to oursuccess.”
Krishnakumar N Menon, Vice President – Service Transformation andBlockchain Theme Leader, Wipro Limited said, “We are encouragingblockchain innovation by actively engaging with firms focused on solvingreal-world business problems. It has been exciting to work withTravacoin to build an innovative industry-leading travel currency forthe airline industry. The blockchain-based solution will help airlinesoptimize costs through the reduction of administrative overheads andfacilitate quicker payments and settlements.”
Wipro is a recognized leader in implementing blockchain technology forits clients, providing strategic advisory and consulting servicescombined with a deep portfolio of industry solutions. Wipro is committedto creating strong blockchain communities while developing talent forbuilding extensive technology expertise across multiple leadingblockchain platforms such as Hyperledger Fabric, Etherum, Quorum, Corda,Mutichain, Hyperledger Indy and Hyperledger Sawtooth. The company isalso involved in a number of distributed ledger technology consortia andalliances including the Hyperledger project, the Ethereum EnterpriseAlliance, the Energy Web Foundation and the Blockchain in TransportAlliance. To learn more, clickhere.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading globalinformation technology, consulting and business process servicescompany. We harness the power of cognitive computing, hyper-automation,robotics, cloud, analytics and emerging technologies to help our clientsadapt to the digital world and make them successful. A companyrecognized globally for its comprehensive portfolio of services, strongcommitment to sustainability and good corporate citizenship, we haveover 175,000 dedicated employees serving clients across six continents.Together, we discover ideas and connect the dots to build a better and abold new future.
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growthprospects are forward-looking statements, which involve a number ofrisks, and uncertainties that could cause actual results to differmaterially from those in such forward-looking statements. The risks anduncertainties relating to these statements include, but are not limitedto, risks and uncertainties regarding fluctuations in our earnings,revenue and profits, our ability to generate and manage growth, intensecompetition in IT services, our ability to maintain our cost advantage,wage increases in India, our ability to attract and retain highlyskilled professionals, time and cost overruns on fixed-price, fixed-timeframe contracts, client concentration, restrictions on immigration, ourability to manage our international operations, reduced demand fortechnology in our key focus areas, disruptions in telecommunicationnetworks, our ability to successfully complete and integrate potentialacquisitions, liability for damages on our service contracts, thesuccess of the companies in which we make strategic investments,withdrawal of fiscal governmental incentives, political instability,war, legal restrictions on raising capital or acquiring companiesoutside India, unauthorized use of our intellectual property, andgeneral economic conditions affecting our business and industry.Additional risks that could affect our future operating results are morefully described in our filings with the United States Securities andExchange Commission. These filings are available at www.sec.gov.We may, from time to time, make additional written and oralforward-looking statements, including statements contained in thecompany’s filings with the Securities and Exchange Commission and ourreports to shareholders. We do not undertake to update anyforward-looking statement that may be made from time to time by us or onour behalf.
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