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Travel payment: virtual payment technology how to affect the business travel?

Date: 2019-06-18

Pay the industry transformation, is to promote tourism from the main line, manual processing business to the increasingly coordinating online business development one of the key factors.

The development of the Internet, and the accompanying the birth of e-commerce, especially the amazon in 1994 and 1995, eBay, and shortly thereafter the online travel brands Travelocity and Joyce - stimulated demand for digital method of payment.

First was launched in 1999, PayPal, and now the consumers all over the world have hundreds of products and services online payment way.

According to Capgemini (Capgemini) and BNP Paribas (BNP Paribas) release of the 2018 World pay Report (World Payments Report 2018), global non-cash transactions in 2016 increased by 10.1%, to 482.6 billion euros.By 2021, the compound annual growth rate will accelerate to 12.7%, emerging markets will grow by 21.6%.

This shift to the non-cash transactions, are redefined has for years been manual processing business to pay by check.

Despite the cheques are still in use - in fact, according to Mastercard, America is still a "heavy user" -- but the shift towards digital pay has for many years.

Mastercard, estimated that the global business pay market size of more than $100 trillion, covering all payment types, but the company predicts that by 2020, non-cash payment will be at an average annual growth of 6.5%, the 122.4 billion deal.

Much of the money has gone to the company related to tourism.

According to the Allied market research firm global business travel market is worth 文章.3 trillion in 2017, is expected to reach 文章.66 trillion by 2023.

Of course, all pay online and digital transformation of tourism industry, the business travel influenced the booking and payment.

As buyers and suppliers looking for the latest technology driven solutions, to simplify and accelerate the and management for travel and the process continues to develop.

One of the solutions is a virtual card.In the third section, we focus on tourism payment we delve into the virtual CARDS and how they change the theme of the business of business travel.