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Insight of the Day: Embedded Finance Powered Transformation Across Travel – Intermediaries, Lodging, Shopping, and Food and Dining

Writer's picture: InsightTrendsWorldInsightTrendsWorld

Key Points:

  • Embedded finance is transforming the travel industry, improving customer experience and operational efficiency.

  • Travel intermediaries are focusing on seamless online booking experiences, offering free cancellations, easy checkout through digital wallets, and streamlined payment solutions across territories.

  • Lodging players are aiming to increase direct bookings and reduce dependency on travel agencies. They are partnering with payment platforms to enhance guest experience and internal operations, and also adopting cashless tipping solutions.

  • Shopping and food & dining sectors are expected to grow significantly. The challenge lies in catering to international visitors' diverse payment preferences. Leaders like Ant Group and UnionPay are addressing this by promoting their embedded QR payment solutions.

  • Challenges and opportunities exist in the lack of payment diversity, difficulty in digital transformation, and the need for universal standard service. Embedded finance vendors can help by offering diverse payment options, value-added integration services, and AI-powered solutions.

Embedded Finance Solutions in the Travel Industry:

  • Trip.com: Partnered with Worldline to offer a wide range of payment options and automated rerouting to reduce declined payments.

  • Agoda: Collaborated with Mastercard to optimize B2B transactions and simplify payment processes.

  • Booking.com: Worked with Voxel to develop an automated tool for invoice collection and VAT compensation/recovery.

  • Frasers Hospitality: Partnered with Adyen for an integrated payment solution across their payment chains, enhancing guest experience and internal operational efficiency.

  • IHG Hotels & Resorts: Partnered with eTip to enable cashless tipping across their network.

  • Ant Group: Established partnerships with 7-Eleven in Malaysia and Dubai Duty Free to facilitate payments from various foreign digital wallets.

  • Oddle: Transformed over 200 restaurants in Singapore and Malaysia with QR ordering and payment solutions.

Conclusion:

Embedded finance solutions present significant opportunities for the travel industry to address existing challenges, enhance customer experiences, and drive business growth. By partnering with payment aggregators, adopting AI-powered solutions, and focusing on personalized service, travel businesses can stay competitive and adapt to evolving consumer preferences.

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