Nuvei (TSX: NVEI and NVEI.U), the payment technology partner of thriving brands, today announced the release of “Redefining travel payments in the post-COVID-19 era,” a white paper report and survey pinpointing growth strategies for travel operators in the aftermath of the pandemic, driven by payment technology. Produced in collaboration with Edgar, Dunn & Company (“EDC”), with participation from Visa, this comprehensive study contains data, insights and actionable intelligence for the travel sector as it plans its 2021 comeback, including the critical importance of a digital-first strategy, the most effective and innovative payment models to adopt, and what organizational changes could more swiftly catalyze growth opportunities.
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The COVID-19 pandemic and its related quarantines and travel restrictions dramatically impacted travel industry revenue throughout 2020, leaving related businesses searching for solutions. The recent release of vaccines has signaled a light at the end of the tunnel, providing travel operators with the confidence to put their comeback plans into action. It was with this in mind that Nuvei joined with EDC, an independent, global strategy consulting firm specializing in payments and digital financial services, to produce “Redefining travel payments in the post-COVID-19 era.”
The report comprises in-depth insights into current industry pain points and payment-related solutions for the future, interviews with top airlines and online travel agents and an industry-wide survey conducted between September and November 2020, as well as analysis of the results. It highlights changing customer expectations that necessitate new strategies for success, including leveraging payment technology to a greater extent than before and designed to support merchants in their recovery.
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“After a difficult year of global travel restrictions, we are confident that travel businesses will be bouncing back to cater to pent-up public demand,” said Philip Fayer, Nuvei’s chairman and CEO, Nuvei. “Payment technology is an indispensable tool for optimizing revenue, and for travel-related businesses in 2021 it’s a strategic growth and recovery driver, ensuring more customer journeys on their platforms end in bookings.”
“The travel industry had to adapt quickly to the negative impacts of the pandemic, reviewing their internal payment tools and organization, processes, partners and solutions,” said Pascal Burg, director at Edgar, Dunn & Company. “All players are now preparing for the rebound. Payment is a key lever to support OTAs’ and airlines’ priorities related to cash-flow preservation and revenue generation. Adapting to this new era will require merchants to leverage industry best practices and have a clear payment strategy, which we hope this white paper will help define.”
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