The travel industry is embarking on a widespread digital transformation. Airlines are accelerating plans to become modern retailers utilizing an entirely new generation of technology. Travel agencies of all shapes and sizes are applying modern technology to better service the entire trip. Hospitality companies are prioritizing the guest experience like never before, enabled by self-service and digital tools.

Airports are undergoing a particularly rapid pace of change as self-service touchpoints are implemented at scale to deliver a better experience for travelers. In each of these areas, travel companies must ensure travelers can pay easily and in the way they choose.

Delivering a smooth end-to-end payments experience has always been the goal across the industry, but set against this backdrop, it’s more important than ever before.

If an airline’s offer is priced in an unfamiliar currency and the user needs to leave its website for the conversion, there’s a good chance they won’t return. If the traveler needs to walk across the airport to make a payment, there’s a good chance they won’t buy the upgrade. If the guest cannot easily pay with their preferred method at the property, they’re likely to remember that experience when booking their next stay. If business travelers need to pay with their own money before recharging the company using a frustrating expense process, it negatively impacts the employee’s experience.

At Outpayce, we have been investing in travel payments innovation for more than a decade. From shifting B2B payments away from slow industry settlement schemes to easily reconcilable virtual cards. To the creation of a single platform that helps global travel businesses monitor, orchestrate and manage complex payment flows. To new approaches for in-person payments that improve the ‘last mile’ payment experiences at the airport or hotel. We take an end-to-end approach by placing the traveler at the center of everything we do.

Our current focus is on accelerating the pace of innovation in travel payments. We’re doing this in two primary areas. The first is with APIs that make it easier and faster for third-party payments providers, like fraud partners or acquirers, to quickly and easily connect to our payments platform.

The second is bringing Amadeus’ deep travel insight together with our payments knowledge to ensure every payment is handled in the most appropriate way. Here we’re adding Artificial Intelligence (AI) to our orchestration capabilities to help travel companies achieve their payments outcomes, whether it’s to boost acceptance rates, lower costs or limit fraud.

Personally, one of the most interesting findings from this study is the apparent lack of understanding around embedded finance. This trend is exploding as high-margin services that were once the preserve of a bank, and more recently fintech start-ups, are being embedded into digital retailing flows. Few industries stand to benefit more than travel, where we have customer trust, strong brands and a historic association with financial services, like co-branded cards.

I hope this report provides a useful benchmark for payments investment across the travel industry. If your organization is focused on improving payments, or considering the future of fintech in travel, I encourage you to contact us here at Outpayce.