The cost of payments in the travel industry

Payments remain a significant cost driver in the travel industry, with credit card fees averaging 2-3.9% globally

Oct 17, 2024

Forty percent of respondents in North America and 32% in Europe report paying credit card fees of 3-3.9% per transaction. Globally, 40-50% of respondents strongly agree that card processing fees are too high.

Key takeaways

• At the high end, 75% of respondents in APAC express some level of agreement, while at the low end, 62% of respondents in the Middle East and Africa share this sentiment;
• Alternative payment methods offer a more cost-effective solution compared to traditional options, especially in emerging markets such as APAC, Latin America (LATAM), and the Middle East and Africa (MEA);
• However, the industry’s slow adoption of alternative payment methods highlights a gap between the potential to reduce costs and the challenges posed by legacy systems and processes.

Get the full story at PhocusWire