The State of Global Travel Payments 2024

Summary

The continued evolution of the global payments landscape is set to rock the travel industry. With the emergence of multiple alternative forms of payment (AFPs) – including mobile payments, digital currencies, and Buy Now, Pay Later (BNPL) options – travel businesses can reap significant benefits, but must take care to avoid several pitfalls in the process. AFPs can offer solutions to common settlement problems experienced for large and small industry players alike, but despite the benefits, the industry has been slow to adopt these alternatives, largely due to technical and integration challenges.

Phocuswright’s The State of Global Travel Payments 2024 is the result of a comprehensive research study aiming to provide insights into emerging trends and technologies that will shape the future of travel payments. Key questions addressed include:

• What are the emerging alternative forms of payment (AFPs) in the travel industry, and how are they expected to impact transaction costs and settlement cycles?
• How are mobile payments and digital currencies disrupting traditional payment processes in the travel sector?
• What are the main technical and integration challenges that travel companies face in adopting new payment technologies?
• How do consumer preferences and regional variations influence the adoption of different payment methods in the global travel market?
• What are the business implications of using these AFPs for travel transactions, and how do they affect fraud prevention and the customer experience?