Skift Take

Most hoteliers would rather not think about their payment tech, as long as it works. But payment habits are changing, and so is payment tech. Hoteliers — and hotel tech vendors and investors — will want to be on top of these changes, especially now that revenues are suppressed.

Payment habits are in flux. Broadly speaking, cash is on the decline while digital payments are on the rise.

Mobile wallets offer “big tech” opportunities to enter the payment space, and major travel companies like Booking Holdings are also increasingly interested in offering payment solutions to its customers to reduce friction and add revenue streams.

Alternative payments options like buy-now-pay-later and account-to-account payments offer consumers with alternatives to credit cards, and can be a way for hoteliers to increase transaction volumes and values.

To be able to benefit from these changes, hoteliers need to understand the payments ecosystem, and need to work with payment processors that can accommodate for these changes while integrating with the hotel tech stack.

Now, as demand returns but with altered consumer expectations around contactless tech, hoteliers, tech vendors, and investors should consider how they respond to the shifts in this landscape.

In our latest report The State of Hotel Payments 2021, we provide seven key trends which will impact and shape the payments landscape over the coming years. We touch on topics like the boom in fintech, hotel tech vendors moving into payment services, fraud prevention and tokenization, and the B2B payments space.

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What You’ll Learn From This Report

  • How consumer payment habits are changing due to digitization, sped up by the pandemic.
  • The payment landscape in the hotel industry, with the most important players.
  • What the boom in fintech means for the hotel industry.
  • How hotel tech vendors are looking to benefit from an increased focus on payments.
  • How the latest concerns around fraud and security are addressed, and what shortcomings the current technology has.
  • How the B2B payments space struggles to benefit from the progress made in the B2C space.
  • Where opportunities for growth lie within the payment ecosystem.

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This is the latest in a series of reports and data products that Skift Research puts out to help you analyze the impact of the coronavirus on the travel industry. Tap into the opinions and insights of our seasoned network of staffers and contributors. More than 200 hours of desk research, data collection, and/or analysis goes into each report.

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Tags: credit cards, digital payments, hotel technology, mobile wallets, Payment Technology, paypal, skift research