By ‘reframing’ any subject, your mind naturally moves towards the future. One wonders: “What is going to help us? Certainly, this is the case for many aspects of the tourism industry, but when it comes to financial payouts the reality is that the answers can be found in the present (or in some cases even in the recent past).
What do I mean by this? The fintech revolution is changing every area of our lives in ways we could not have imagined just a decade ago. But when it comes to fintech, the travel industry often lags far behind and needs to rethink its approach.
New tools and services are now available to us that not only breathe new life into familiar processes, saving us precious time and often even more precious money, but also opening up new opportunities that we may not have considered before.
For example, widespread use of chargeback protection can give both merchants and consumers greater peace of mind, while also helping to fight fraud. This will have the added benefit of reducing service cost.
travel without cash
Meanwhile, the more widespread use and acceptance of credit and debit cards, along with other new digital payment methods, will mean that travelers will no longer have to carry piles of cash on vacation, making them targets of criminals (or simply giving it away). worry about losing).
In many vacation destinations around the world, outside of Western Europe and North America, cash is still the accepted method of payment for small (and sometimes large) sums of money. Merchants will also benefit, as cash is more expensive (and riskier) than digital payments in the long run and reduces the potential for employee theft.
Or just look at forex transactions. By allowing travelers to no longer be exposed to expensive exchange booths in airport terminals, we need to look at more services that allow them to manage these transactions digitally and shop for the best prices. These types of services already exist, some are great, but they are not as common or attractive as they should be for older travelers.
B2B payments can also benefit from a rethink. Technology exists that allows travel intermediaries and suppliers to make and receive payments faster than ever before at a much lower cost per transaction. Such technology gives them greater capabilities for reconciliation and all their back office needs. Unfortunately, the vast majority of developed markets have not yet adopted this technology.
Images courtesy: Jonas Lupe at Unsplash