Skift Take
Many hoteliers would rather not think of their payment tech, as long as it works. But payment practices are altering, therefore is payment tech. Hoteliers– and hotel tech vendors and investors– will want to be on top of these modifications, specifically now that earnings are reduced.
Wouter Geerts
Payment practices are in flux. Broadly speaking, money is on the decline while digital payments are on the rise.
Mobile wallets use “huge tech” opportunities to enter the payment area, and major travel business like Booking Holdings are also significantly interested in providing payment services to its clients to decrease friction and add income streams.
Alternative payments alternatives like buy-now-pay-later and account-to-account payments provide customers with alternatives to credit cards, and can be a method for hoteliers to increase transaction volumes and worths.
To be able to take advantage of these modifications, hoteliers require to understand the payments ecosystem, and require to deal with payment processors that can accommodate for these changes while incorporating with the hotel tech stack.
Now, as need returns but with altered customer expectations around contactless tech, hoteliers, tech vendors, and investors ought to think about how they react to the shifts in this landscape.
In our newest report The State of Hotel Payments 2021, we offer 7 essential patterns which will impact and form the payments landscape over the coming years. We touch on topics like the boom in fintech, hotel tech vendors moving into payment services, fraud avoidance and tokenization, and the B2B payments area.
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What You’ll Learn From This Report
- How consumer payment practices are altering due to digitization, sped up by the pandemic.
- The payment landscape in the hotel industry, with the most crucial players.
- What the boom in fintech means for the hotel market.
- How hotel tech suppliers are seeking to take advantage of an increased concentrate on payments.
- How the most recent concerns around fraud and security are resolved, and what shortcomings the existing innovation has.
- How the B2B payments space struggles to take advantage of the development made in the B2C area.
- Where opportunities for growth lie within the payment community.
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