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Travel Companies Grapple With Outdated Systems as Local Payment Methods Increase in Popularity

July 10, 2024

Overall, around 66 per cent of travel companies are seeing profit impacted by payment systems, and nine in 10 plan to prioritise modernising their financial operations this year.

The new report reveals the travel industry is also being challenged by shifting payment preferences since the COVID-19 pandemic. While revenue from cross-border payments is on the rise, the diversity of payment methods in different markets complicates transactions for 70 per cent of travel companies.

Since the pandemic, 88 per cent of travel executives agree there has been a shift in how customers prefer to pay. In particular, local payment methods and peer-to-peer systems are rapidly gaining popularity, especially in Asia.

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