2024-10-22 10:39:00
The current study by the Payment Initiative P19carried out in collaboration with KRAFTKINZdeals intensively with the current trends and potential of payment solutions in the area of traveling and mobility. Using a digital questionnaire, more than 100 experts were surveyed over a period of more than four weeks in September 2024. The sectors included the banking sector, service providers and payment service providers, trading and commercial companies as well as interest groups from the DACH region, European countries and the USA.
The results show that mobile payment methods are the fastest growing payment methods in the mobility sector and offer enormous potential for companies to increase revenue. “Customers increasingly prefer convenient and secure payment methods, especially when traveling. “Mobile payment solutions are not just a trend, but a long-term necessity that companies must respond to in order to remain competitive,” said Birgit Kraft-Kinzco-founder of P19 and CEO of KRAFTKINZ Powergroup GmbH, at the study presentation on Tuesday.
Mobile payment is conquering the mobility market
Travel and mobility play a central role in our globalized world. The needs of travelers are constantly evolving, and with them the requirements for modern payment processes are also changing. Personalized payment experiences, globally accepted payment methods and the highest security standards contribute significantly to a new, more convenient form of payment. Mobile payment methods, especially mobile wallets at 45.4% and contactless card payments at 35.2%, are among the fastest growing forms of payment in the mobility sector. Worldpaya partner of P19, recognizes the potential of this development and is focusing on corresponding solutions that are already being implemented for customers such as the travel platforms Booking.com, Expedia and Airbnb as well as for the airline Qatar Airlines. With payment methods tailored to the growing needs of travelers, the company enables secure, simple and personalized payment processes worldwide and also relies on partnerships with leading companies such as Ixopay, Klarna, Oracle, Saber and Amadeus.
Challenges of implementing payment solutions
The changing expectations of consumers require a fundamental adjustment of the payment solutions offered in the travel and mobility sector. According to experts, the challenges in implementing new payment methods primarily concern acceptance by retailers and consumers (36.1%). In addition, current infrastructure and technology (30.6%) and different regulatory requirements (23.1%) represent obstacles.
“Worldpay is aware of the challenges of the changing payment landscape. “Through our global reach and close collaboration with companies, we ensure the seamless introduction of new technologies and thus create future-proof solutions – including in the travel and mobility sector,” says Fredrik Neumann, Country Manager DACH at Worldpay.
Security, usability and acceptance as key factors
The choice of payment method depends on a variety of factors that continue to evolve with technological advances. In an increasingly digital world where transactions are often linked to sensitive data, international customers put security first (68.5%). Availability and acceptance are also perceived by the experts as crucial for the choice of payment method at 65.4%, followed by the key factor of user-friendliness at 57.9%. Transaction speed, convenience and “smartness” are also important, but of lesser importance. “The priorities when choosing payment methods have clearly shifted: security is essential for international customers, followed by the acceptance and availability of payment options. “User-friendliness also plays a big role – the best solution is the one that can be used easily and intuitively,” emphasizes Roland YetCo-Founder von P19.
Future technologies in the travel and mobility sector
The diversity of digital payment methods currently available on the market makes everyday life easier for consumers – especially in the mobility sector. According to the P19 study, biometric authentication (52.8%) and IoT-based payments (Internet of Things, 28.7%) in the payment sector are considered to be groundbreaking technologies of the future. The current assessment of the payment pioneers surveyed on artificial intelligence and blockchain-based payments shows a subordinate role; In addition, digital central bank currencies (CBDCs) and cryptocurrencies are considered to be of little relevance to future payment transactions. Martin SprengseisCo-Founder of P19 and Managing Partner at bluesource – mobile solutions, concluded: “To remain competitive, the sector must invest in new technologies, expand the global acceptance network and strengthen fraud prevention. Working with innovative companies like Worldpay is a key to success.”
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About Worldpay:
Worldpay’s vision is to unlock the payment potential of every business. We power global commerce by providing cutting-edge payment technologies, services and expertise to our customers, including many of the world’s leading brands. Worldpay helps businesses of all sizes and across all industries process, make and manage payments locally and online. Annually, we process more than 50 billion transactions worth over $2.3 trillion in 146 countries and in 135 currencies.
Worldpay.com | LinkedIn | Facebook | Twitter
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About P19:
P19 is the European platform for more than 1,200 payment pioneers. The Payment Pioneers are a rapidly growing network that is working together to create visibility for the hot topic of payment in Europe and internationally in order to promote collaboration. P19 stands for exchange and innovation for a sustainable European payment industry.
p19.io | LinkedIn | Facebook | Twitter | Instagram | YouTube
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