There are a lot of stakeholders in the travel and transport value chain including agents, travel and accommodation providers, and global distribution systems. Payment innovations require close cooperation between them.
New entrants are arriving with payment orchestration solutions and alternative payment methods, such as digital wallets.
Many airlines plan to become retailers, packaging airline seats with hotels and other services. Embedded finance will increasingly be used to offer financial products within the customer journey, but regulatory compliance will present a challenge.
Travel and transport companies are increasingly putting the customer at the heart of their payment strategies. As they innovate, they will need to modernise both their business models and their legacy technology. Renegotiating contracts with payment providers will be vital.
We have been helping companies in the travel and transport sector to define their payment strategies since 2002.
We start by understanding your current payments processes and then identify potential to optimise payments. Often, we can help you cut costs while protecting and diversifying revenue streams. Our experts work cooperatively, sharing their knowledge and best practices from around the world, and across many business sectors.
We also help with payment partner selection, by developing, managing, and evaluating requests for information (RFIs) and requests for proposals (RFPs). All the time, we keep in mind the importance of a smooth implementation process.
“The payments industry is experiencing major structural changes (including new technologies, new entrants, regulatory changes) that create new opportunities for various stakeholders in the value chain, especially in the airline industry. The travel sector has traditionally been a complex landscape when it comes to payment processing and at EDC, we are working with our clients to generate additional value from payment activities. Travel suppliers, such as airlines, are not only focused on controlling costs but are also increasingly starting to leverage payment on the revenue side.”
“The airline industry has taken a hard look at payments-related cost and revenue drivers. We have assisted many of our airline clients to develop a payment strategy to streamline processes and reduce costs. We also have investigated how our clients can protect existing revenues and generate additional revenues, while improving their conversion rate and customer experience.”
How can EDC support your goals in Travel & Transport payments?
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