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Episode description
Air travel is a dynamic market influenced by global events and consumer sentiments.
Air travel is a dynamic market influenced by global events and consumer sentiments. With increasing globalization, legacy travel structures are struggling to keep up with the rapid changes in modern traveler expectations. There has been a shift in the largest travel markets from Northern America and Europe to the East, necessitating a focus on digital, quick, and reliable payment methods.
Also driving change in the payments landscape has been the impact of the pandemic; there have been record-breaking travel and bookings, but travel companies often get paid long after providing services. As travel volume returns, there is a growing level of innovation to help Online Travel Agencies (OTAs) unlock revenue and increase profit margins, and overcome the challenges of traditional payments and double-loop payment inefficiencies.
New payment solutions, including virtual credit cards, are playing their part in improving security and revenue optimization. These are huge wins for B2B payments in the travel industry, adding an excellent hybrid with functionality and value without hefty investments or technological restructuring.
To learn more about B2B payments in travel and the challenges of traditional payment systems, listen to our Nium podcast.
Disclaimer: Nothing in this episode shall be construed as financial or legal advice.
