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?
![9](https://www.aiconnects.us/wp-content/uploads/2023/03/9.png)
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