The travel and tourism sector is recovering strongly, projected to reach USD 955.94 billion by 2029, with 75% of revenue from online sales. This growth brings increased complexity in travel payments due to new technologies, customer behaviours, and regulations.
Emerging payment trends include the adoption of cryptocurrency and Buy Now, Pay Later (BNPL), alongside a broader shift towards alternative payment methods (APMs) to meet evolving customer demands.
Fraud remains a major challenge in the travel industry, necessitating holistic risk mapping and a balance between security and a convenient checkout. Airlines also face issues with loyalty fraud.
Regulatory frameworks like PSD2 and PSD3, as well as changes to travel directives, impact the industry. Tourist taxes are also a growing consideration for both travellers and airlines.
Airlines face forex challenges in managing foreign currency revenues, requiring strategic hedging.
Sustainability is increasingly important, with varying perceptions and priorities across regions and demographics.
Overall, the evolving travel payments landscape requires continuous adaptation and a customer-centric approach to payment strategies.
Contact us now about your travel and tourism acquiring across Africa including processing and repatriation of funds. Thank you ❤️
Thank you to The PayPers for inspiration: https://thepaypers.com/voice-of-the-industry/the-complete-guide-to-travel-payments-insights-from-industry-experts–1272851