Payment methods

As alternative payment methods advance, Buy Now Pay Later (BNPL) solutions to gain additional attention

DUBLIN, June 11, 2021 / PRNewswire / – The “2021 Online Global Travel Payment” report was added to ResearchAndMarkets.com offer.

2021 Global Online Travel Payment confirms that technological solutions in travel payments are something that will likely help the travel industry recover from major disruptions due to the COVID-19 health crisis. Additionally, as alternative payment methods emerge, Buy Now Pay Later solutions are gaining more attention from travelers around the world.

Travel industry realizes importance of technology in payments during COVID-19 pandemic

A general trend in online travel during the pandemic is the increasing use of technology in payments. According to a September 2020 According to a survey cited in that publication, more than seven in ten airlines worldwide plan to implement or advance contactless mobile payments by 2023.

Additionally, in 2020, nearly half of global tourists said technology-driven solutions are a key driver of travel confidence; and another four in ten of them noted that contactless payments, including Apple Pay, Google Pay, PayPal, Venmo, would improve their travel experience during the COVID-19 health crisis. With that, in 2020, nearly one in five travelers globally left a travel-related purchase unpaid because a contactless payment option was not available.

In addition, a significant proportion of travelers in Canada, United States, Japan, and the UK found “ease of payment” to be a factor that significantly affected their travel decisions in 2020, and in particular the choice of a travel agent or tour operator.

Buy Now Pay Later solutions have attracted online travelers around the world in 2020

Another trend in the online travel payment arena is towards Buy Now Pay Later solutions. According to figures cited in the new market report, the availability of a BNPL option in 2021 was an important factor for almost a quarter of travelers globally when booking a travel-related service. In addition, in the Asia Pacific region, more than two in ten travelers opted for this payment method when it came to travel during the health crisis, and the share of Chinese tourists using it was more than double the regional average.

Cover of the report

  • This report covers the online travel (leisure and unmanaged business) market with an emphasis on payment methods and trends. It takes into account a broad definition of the travel segment, including transportation, accommodation, tour packages and others. Definitions used by the original sources cited in this report may vary.
  • All regions of the world are covered in this report, including Asia Pacific, Europe, and North America.

Structure of the report

  • The Global Chapter opens the report, including an overview of global market developments and trends.
  • The rest of the report is divided by regions. Regions are presented in descending order of total online travel sales.
  • In each region, regional information is included first, when available, and countries are also listed in descending order of online travel sales.
  • Where no comparable sales figures were available, other related criteria such as total e-commerce sales, online shoppers and internet penetration were applied.
  • In the country sections, the following information is covered, when available: sale of travel online, payment methods used or preferred to book travel and during travel, the importance of selecting payment methods for travel online travel bookings, the payment methods offered by the main websites selected in the travel category.
  • Where no ranking of travel-specific payment methods was available, a ranking of payment methods typically used in e-commerce in that country was included as a benchmark. Data availability varied by country, therefore not all of the above information points were covered for every market.

Global overview

  • Share of travelers who plan to spend more than normal for a trip in 2021 because they were unable to travel in 2020, January 2021
  • Share of travelers who would revert to cash payments when COVID-19 risk reduced, and top 4 reasons to revert to cash payments, in%, 2020
  • Share of travelers who consider cardless payment methods / e-wallets to be the most important factor when booking a travel-related service,%, 2020
  • Share of travelers who consider the Buy Now and Pay Later option to be important when booking a travel-related service, in%, 2020
  • Breakdown of top airline priorities for the introduction of contactless self-service by 2023, incl. Mobile contactless payment, as a% of airline IT managers, October 2020
  • Share of travelers who paid contactlessly or via mobile while traveling, in%, 2020
  • Share of travelers who see contactless mobile payments as a driver of trust, in%, September 2020 & February 2021
  • Share of travelers who save credit card points to go on vacation once they feel comfortable traveling, January 2021
  • Share of travelers likely to use more travel credits / points to pay for travel in 2021 compared to before the COVID-19 pandemic, January 2021
  • Share of travelers who abandoned travel-related purchases if the contactless payment option was not available, in%, 2020
  • Top Methods of Payment for Business Travel by Employees,% of Business Travel Managers, 2020
  • Main payment methods for business travel,% of business travelers, 2020
  • Distribution of consumers who expected to participate in more virtual / online experiences during their travels, in% of respondents, july 2020
  • Distribution of consumers who choose technology would be important to minimize human interactions when traveling, in% of respondents, july 2020

Companies mentioned

  • Alpha Bank
  • American Express
  • Apple Pay
  • Bank of America
  • Sapphire hunt
  • Google pay
  • Hilton hotels
  • Marriott Hotels
  • Pay Pal
  • Roket Bank
  • Samsung pays
  • Venmo
  • Visa
  • well Fargo

For more information on this report, visit https://www.researchandmarkets.com/r/yu9yfx

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