Smart Travel Meets Fintech to Secure Better Travel Paymentsby Fintechnews Singapore January 12, 2017
Smart travel is an idea of matching up fintech with travel, but certainly not a knew one. It has been talked about for quite some time. Fintech has made huge strides in assisting people on their holidays, offering everything from better exchange rates and ease of money transfer, to shopping.
However, how are the travel companies adapting to the Fintech era? That is to say, Fintech has been getting smarter for quite a while now, but has the travel industry joined in the smart revolution?
Worldwide travel site Amadeus, has certainly joined in the fun. Partnering with MasterCard they are able to deliver quick, secure, automated B2B travel payments. Along with another partner, Ixaris, they have simplified virtual payments for travel agencies. Fintech, is all about companies using technology to make the financial side of their businesses run smoother. Fintech startups globally, received over $19 billion in investments, last year alone.
Meaning that in excess of $40 billion has been invested in the last five years. The growth of Fintech appears now to be unstoppable, and not without good reason. These exciting new technologies are enabling us to manage our finances easier, cheaper, securely and in a more personalised manner.
Amadeus announce their B2B Wallet
Finally smart travel businesses have embraced Fintech. Amadeus have announced their B2B Wallet, bringing huge benefit to travel agencies. With unique card details for each user, no plastic card link-up, a reduced risk of fraud, easy transactions and protection against supplier defaults. Celia Pereiro,
Head of Travel Payments at Amadeus says, “Virtual card technology is the ideal application of Fintech innovation for the travel industry. By combining the strengths of Amadeus, MasterCard and Ixaris, we bring flexibility, efficiency and confidence to travel agent B2B payments. Since we launched the product in February we have seen overwhelming demand for it and today have customers in 10 European countries.”
International travel insurance company, World Nomads are now offering affordable insurance for travellers. This is especially popular amongst ‘digital nomads’, those select band of hardy travellers who skip round the world whilst working remotely. The ability to get travel insurance coverage through World Nomads is quick, easy and cheaper than conventional insurance provisions.
EasyJet and Virgin looking to work with Fintech
In a bold move, budget flight experts easyJet has joined up with Founders Factory, the London based incubator, in an attempt to create 200 successful start-ups over the next five years. The airline has been operating for over twenty years and now flies to 134 destinations. This five year deal does not just involve Founders Factory but will create a further two companies each year.
In a further development, Virgin boss Richard Branson was reported as stating his desire to accept bitcoin payments for their space travel programmes. At a London based event he stressed that blockchain technology could create an ‘economic revolution’ in numerous countries.
There is no doubt about it, the world of travel is about to undergo something of a revolution. As travellers look for easier payment options and more flexible travel plans, Fintech services will continue to grow. Those companies that embrace smart travel the soonest, will gain a huge advantage over their competition. Travellers increasingly are looking at multi-destination holidays, this is where Fintech really comes into its own.
Header photo source: pixabay.com