by Robin Philip Robin Philip No Comments

Navigating the Evolving Landscape of Travel Payments: Insights from Industry Experts

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

by Robin Philip Robin Philip No Comments

 Exciting news for multinational eCommerce merchants trading in Africa!  The Pan-African Payment and Settlement System (PAPSS) is transforming cross-border payments across the continent.

📢 Exciting news for multinational eCommerce merchants trading in Africa! 🌍 

The Pan-African Payment and Settlement System (PAPSS) is transforming cross-border payments across the continent.

Here’s what this means for your business:

  • Simplified Payments: Say goodbye to the historical complexities and costs associated with foreign exchange for cross-border transactions. PAPSS will simplify the entire process.
  • Instant/Near-Instant Payments: Experience faster transactions with instant or near-instant transfers of funds between you and your customers, regardless of their location in Africa.
  • Local Currency Transactions: Payments will be made in local currencies, eliminating the hassle and costs of currency conversion for both you and your customers.
  • Reduced Costs: PAPSS will reduce the costs associated with cross-border payments, leading to operational efficiencies and increased profitability.
  • Improved Working Capital: Benefit from payment certainty and faster transaction times, leading to improved working capital management.
  • Access to New Markets: PAPSS can help unlock economic opportunities by making cross-border trade easier and more efficient, facilitating access to new African markets.
  • Growing Network: PAPSS is bringing together a growing network of banks, payment service providers, and other financial intermediaries across Africa, expanding reach and payment options.

PAPSS is a game-changer for cross-border trade in Africa, offering a secure and efficient financial market infrastructure. By connecting African banks and payment service providers, it will enable instant and secure payments in local currencies. This is a significant step towards accelerating Africa’s trade and creating a more interconnected and prosperous continent.

Contact us to learn more about how your multinational eCommerce business can benefit from interconnected payment services!

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