The travel industry lags on payment trends

A strong focus on educating the industry about alternative payment methods and trends is critical to reducing costs, improving the customer experience, and speeding payments

he travel industry has traditionally struggled to adapt to new trends and technologies, and payments are no exception. According to Phocuswright's latest report, "The State of Global Travel Payments," local payment methods around the world are adding complexity and competition for travel suppliers and intermediaries.

Key takeaways

• Airlines are reshaping the payments landscape as part of their NDC-driven distribution transformation;
• The hotel sector faces challenges due to legacy technologies and fragmented processes that hinder the adoption of new payment methods;
• Online travel agencies are at the forefront of the payment revolution, embracing the merchant model and offering multiple payment methods to customers;
• Traditional travel agencies are slower to adapt to the evolving payment methods in the market.

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