SINGAPORE, Oct 23 (Bernama-GLOBE NEWSWIRE) —Flywire, a company that solves complex payment problems for leading businesses and institutions, today announced the general availability of a new offering for adventure travel. The solution targets the significant inefficiencies and points of friction that exist in the payment and disbursement process in the travel segment for offerings such as experiential activities and tours to exotic locales.
Travel industry analyst Phocuswright estimates that the travel activities market will reach $183 billion globally by 2020. While it represents a massive opportunity for online travel agents (OTAs) and tour operators, the payment process has proven to be a stumbling block when it comes to assuring great experiences for guests. Accepting payments is fairly standard, but adventure travel itineraries often involve multiple tour operators and service providers, many in remote locales. Typically, 70-80% of the funds the OTA receives from guests has to be disbursed to multiple entities over a period of months, often in different currencies.