The cost of payments in the travel industry
Payments remain a significant cost driver in the travel industry, with credit card fees averaging 2-3.9% globally
Forty percent of respondents in North America and 32% in Europe report paying credit card fees of 3-3.9% per transaction. Globally, 40-50% of respondents strongly agree that card processing fees are too high.
Key takeaways
- At the high end, 75% of respondents in APAC express some level of agreement, while at the low end, 62% of respondents in the Middle East and Africa share this sentiment;
- Alternative payment methods offer a more cost-effective solution compared to traditional options, especially in emerging markets such as APAC, Latin America (LATAM), and the Middle East and Africa (MEA);
- However, the industry's slow adoption of alternative payment methods highlights a gap between the potential to reduce costs and the challenges posed by legacy systems and processes.
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