Travel Fintech Momentum Builds As Industry Looks To Boost Revenue
Travel companies are looking to invest in fintech products and services to boost revenue streams and improve the customer experience.
Research from Amadeus reveals most travel businesses see the area of fintech and payments as a high priority with 80% planning to match or invest more than they did in 2019.
The news will be unsurprising to many who have already embarked on some sort of fintech strategy or have been observing companies who have.
Headlines in the past week alone reveal the level of interest from travel companies in payment, insurance and other fintech product partnerships with established companies.
Fintech developments
Battleface unveiled its partnership to provide customizable trip protection to Tripactions users with the company's CEO Sasha Gainullin saying these sorts of initiatives "maximizes opportunities for higher conversion rates, customer cost savings and an improved customer experience."
In a further interesting move, Star Alliance, with members including Lufthansa and United Airlines, unveiled its plan to launch a credit card enabling users to earn and redeem points across the loyalty program’s airline members. In its report, Amadeus cites BigPay as another one to watch, with the fintech arm of Capital A (formerly AirAsia Group) raising $100m last year to develop its digital bank that offers debit cards, money transfers and insurance products.
And, multi-currency technology specialist Continuum will extend its services to airport, hotel and hospitality retail outlets via a partnership with CellPoint Digital.
