96% of travel leaders call for payment system overhaul

A staggering 96% of European travel leaders believe their current payment processing systems fall short, according to the latest research by Scottish embedded payments firm, Modulr.

According to the Edinburgh-based fintech, these inefficiencies are costing companies excessive fees and valuable time, with nearly half (44%) losing over 1.5 hours per week per employee – with larger organisations reporting losses often exceeding two hours weekly.

While consumer travel payments have been rapidly transformed by rapid growth in mobile wallet adoption, introduction of Open Banking at checkout and other innovations, business-to-business (B2B) payments continue to be severely held back by outdated, broken, and fragmented system and infrastructure.

Consequently, 97% of respondents are sure their business is wasting resources due to inefficiencies or limitations in payment processing, with 91% not seeing clear growth opportunities with current payment…