The last three years have revealed the resilience and need for travel companies to evolve from the antiquated processes that have hindered their capabilities to expand. More importantly, it has exposed the need to implement a payment strategy that will leverage revenue diversification.
We have all learned throughout this period that the travel industry has been forced to transform and innovate. Even though the pandemic impacted the industry severely, it also acted as a springboard for ideation with a twist of survival skills. That in turn fueled many sectors of the industry to unfold a trajectory that expanded beyond their current offering and process.
All verticals of travel have been challenged to inherently build a strategy that will support their travel business for the future. Travel post-COVID looks very different today with the heavy increase of international travel and personalized experiences. In addition, there are generational trends that continue to drive the industry to think outside the box at a rapid pace.
This combination can add further complexity to online travel agencies and other verticals of travel if not prepared. Travel companies’ payment strategies need to include a global outlook in order to stay relevant in the expanding trends of the industry.
The continued economic growth in the emerging markets and the past hurdles the markets have presented will prompt the evolution of a global payments strategy, which will act as the guiding path for all markets globally. Developing an enriched payment platform will allow the core of the business to reap the benefits and add a seamless experience for the end traveler.
The fear of going beyond borders is still real, due to the complex banking process, high cost and heightened regulations, which continue to make companies hesitant to power ahead their expansion.