RESEARCH REPORT
Payment trends and technology shaping the travel industry
Dive into the payment processing and financial operations challenges that are impacting travel businesses’ bottom line and stifling growth. Learn from travel industry peers about how they are modernising their financial infrastructure to help fuel their global ambitions.
RESEARCH HIGHLIGHTS
Key trends for the Australian travel market
67% of travel companies are seeing profit margins eroded by inefficient payment systems
88% of travel executives agreed that there has been a shift in how customers prefer to pay since the pandemic, so 91% are prioritising upgrades to payment and financial operations systems.
79% of travel executives find cross-border customer payments more challenging due to new payment methods
88% use direct bank transfers or wire transfers to pay vendors and suppliers, while 33% still use cash and cheques.
82% of travel companies earn more than one-quarter of their revenue from cross-border payments
95% frequently make payments to suppliers or vendors in foreign currencies, while 70% of executives agreed that cross-border payments have become more complicated due to the volatility of FX rates.
HOW AIRWALLEX CAN HELP
Multi-currency travel payments on one global platform
Boost bookings from travellers and pay global travel suppliers with more speed and transparency than with traditional banks.
Grow into new markets with ease
Enable customers to book their trips in their preferred currencies and by using local payment methods. Skip the hassle of establishing local entities and managing multiple banking relationships.
Optimise and reduce FX risk
Operate in multiple currencies without having to convert funds by using Airwallex Global Accounts to receive and settle funds in the currencies you frequently transact in, eliminating the need for costly FX conversions. When conversions are necessary, access interbank FX rates and avoid hidden transaction fees.
Pay suppliers and vendors with speed and efficiency
Issue virtual multi-currency cards instantly for fast and secure payments with detailed tracking. For suppliers that don’t accept cards, perform bank transfers programmatically with automatic reconciliation capabilities.
