The Fintech and Payment Revolution in Travel

Summary

Renewed drive for increased efficiency and a simplified, secure user experience as demands for the travel industry warrants a focus on fintech. Broadly defined as software applications that involve financial services such as payments, loans, settlement and insurance, employment of big data fintech solutions can solve problems in ways previously impossible. Within the travel industry, fintech generally concerns reducing processing costs, provide traveler flexibility or minimizing friction in expense reimbursement for business travelers. Pandemic-driven demand has highlighted the need simplifying booking/rebooking and payment processes for both business and leisure travelers. The potential for growth within the industry is high, if tech solutions are properly understood and applied appropriately.

This article is part of a content series that explores some of the most significant technology-driven trends that will influence travel distribution in 2022 and beyond.