The travel industry historically struggles with emerging
trends and technologies, and the topic of payments is no exception. Throughout the globe,
local payment methods provide competition and complexity for travel suppliers
and intermediaries according to Phocuswright’s latest report on the topic The State of Global Travel Payments.
These local solutions help promote more payment options and capabilities for
consumers, but are usually targeted to residents of that country or region.
Changes in payment are not happening in isolation. As
distribution and payment trends are interconnected, suppliers and
intermediaries use payment to drive greater loyalty and ease of use.
Different industry players approach the new payments landscape in their own
ways:
- Airlines’ focus on reshaping distribution through NDC
includes changing the payment landscape. - The hotel industry suffers from fragmented processes and
legacy technologies that prohibit rapid…