20th March, 2023
The way a consumer wishes to pay for a trip, say their air ticket, via the funds available to them should be in their control.
If a travel merchant fails to take care of concerns when it is time to pay and instead makes a consumer “do less”, they aren’t going to have the desired conversion rate. It has been a challenge for companies since payments are seen as a commodity. So seamlessness and being in control are of utmost importance when one is about to pay.
For instance, if the amount at the check-out is US$700, how about letting a traveller pay 10% to secure their booking and the rest on the day of travel? What sort of cancellation and other policies need to be worked out to facilitate the same?
Amidst all the talk around paying at the check-out is becoming instant and embedded within a shopper’s flow, it is time to evaluate how have emerging paytech (the intersection of payment and technology) companies taken the lead and come up with offerings that complement the way a consumer thinks.
How the blend of data, identity, and payments is paving for newer experiences – contactless, instant payments etc.?
Other than shaping up new experiences for consumers, paytech specialists are also playing their part in simplifying processing and other B2B aspects. Some areas:
- It is worth evaluating how traditional and modern banking rails are being used, and in what consumers are facing less friction to pay.
- What is being done to streamline the cross-border payment experience?
- How are digital currencies gaining momentum?
By Ritesh Gupta, Ai Events
