SINGAPORE & LONDON, July 10 (Bernama-BUSINESS WIRE) — New research has revealed 66 percent of travel companies are seeing their profit margins impacted by outdated or complicated payment systems, with nine in 10 expected to prioritise modernising their financial operations this year.
In a report released today by leading global payments and financial platform, Airwallex, and travel research company, Skift, 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 unprecedented diversity of payment methods in different markets complicates transactions for 70 percent of travel companies.