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Travel execs plan payment tech investment amid challenges

Travel companies are seeking to improve the payment experience for customers with most businesses planning to increase investment in payment capabilities in the months ahead.

A study from Outpayce, the payments company set up by Amadeus in early 2023, revealed that travel companies are planning to increase investment by 12% on average.

Companies also find it difficult keeping up with new payment methods with 51% of payment leaders in travel flagging it as a challenge, according to the research.

Top challenges centered around the integration of new payment methods were the cost of integration cited by 55%, building technical connections to different payment methods, 53%, and lack of resources to manage the growth in new methods, 45%.

Handling cross-border payments was also flagged as a further challenge for the industry, according to 40% of respondents. Many travel companies have already turned to technology to simplify payment orchestration with 38% saying they already use a platform and a further 33% planning to in the next 12 months.

Top challenges with cross-border payments included handling multiple connects to payment providers, 51%, routing payments to best effect, 38%, and difficulty switching to new payment providers, 36%.

Respondents were also asked which payment methods their companies would be implementing in the months ahead with B2B virtual cards cited by 40%, followed by alternative payment methods, 34%, and a consistent payment experience by 30%.

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