Travel Payments Guide 2019We’ll take your payments anywhere you want.Foreword from Amadeus2019 TrendsMarkets OverviewPayments GlossaryMethodologyTravel PaymentsGuide 20191 - https://www.iata.org/pressroom/facts_figures/fact_sheets/Documents/fact-sheet-industry-facts.pdf2 - https://www.iata.org/pressroom/pr/Pages/2018-10-24-02.aspx3 - A large American carrier, which has a multi-team payment strategy committee with representatives from marketing, finance and IT. Another example, a large European airline we work with has a dedicated internal IT team of 15-20 focused purely on payments.Foreword: The balance of payments Bart Tompkins, Managing Director, Amadeus PaymentsRonnie d’Arienzo, Chief Revenue Officer, PPRO GroupThe payments process is central to the customer experience in many industries – perhaps more so in travel. The airline industry has an estimated global revenue of $821 billion,1 and passenger numbers are expected to double to 8.2 billion within 20 years.2 As it grows it faces major changes in both distribution and payments. The International Air Transport Association (IATA) is forecasting a fundamental overhaul as airlines migrate towards “full retailing” platforms. This will require them to sell to a greater range of customers, both geographically and demographically. They must engage with new emerging markets and millennials and Generation Z buyers with very different expectations to previous generations. Many, if not most, will use online channels. Airlines – and agents – must contend with digital innovation and new entrants into the payments space; an evolving regulatory environment; and changing customer requirements. To face up to these challenges, they must tread a fine line: balancing conflicting demands between cost and convenience, simplicity and security, technology and tradition; gathering the data required for business and regulation, preventing fraud, while also meeting customer demands for a smooth, seamless experience; making sure payments methods move with the times but remain firmly connected with the culture in which travel merchants operate; and focusing on keeping consumers happy and giving them their choice of payments, while keeping costs down. It’s a difficult act to pull off. And unfortunately, consumers notice most when businesses fail to deliver. To help define their strategy and manage payments more effectively some airlines have already put in place payments strategy teams, set up internal payment governance processes, and allocated dedicated internal IT resources to optimize payments.3But in most cases, more needs to be done. With this in mind, Amadeus, experts in travel payments, and PPRO, e-payment specialists and one of the fastest growing fintech businesses in Europe, have joined forces to help streamline those efforts. If airlines and agents want to meet customers’ expectations, they need to know what they are and how they are changing. We have therefore looked at payments across the globe, providing a guide to the current payments landscape in different countries to help travel merchants meet customer preferences when it comes to payment methods. Also identified in this report are some of the key trends shaping the travel payments industry both today and in the future.We hope this will help travel merchants as they attempt to navigate the payments landscape, and get their relationship with the customer off to the best possible start.2019 TrendsFrom regulation to the rise of the Asia Pacific region, we look at five key trends that will play a big part in determining the future of payments.1. Easy does it: The importance of frictionless payments4 - https://www.pymnts.com/checkout-conversion/2018/e-commerce-friction-2017/A payment is not just a transaction; it’s an experience. Online, on the phone or in-person, customers want a fast, smooth, seamless buying process. Cost, convenience, culture, personal preference and security concerns all influence the payment methods consumers choose. One size never fits all. The challenge for travel merchants is providing as smooth a customer journey as possible across the payments they accept – and to offer the choices that customers desire.It’s important they get it right: Frustration with online checkout processes is estimated to cost retailers in the US alone $200 billion a year.4 As well as abandoned transactions, friction in the payments process – anything that detracts from the speed – results in a poorer customer experience, a higher risk of errors and costs in resolving customer issues. An increasing number of travel merchants are therefore looking to offer an omni-channel, consistent payments experience. In doing so, they face both practical and technological complications. Travel merchants, particularly if they’re well established, must deal with their technical infrastructures: from front to back-end. This will require highly customized solutions across payment touch points providing a smoother customer experience. Pr...
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