Skift Take
The pandemic accelerated the shift to digital and alternative payments. To capitalize on this, hoteliers should modernize their payment tech stack to offer seamless integration and diverse payment options for increased bookings, higher-value reservations, and improved guest satisfaction.
The pandemic sped up the transition towards digital and alternative payment methods. Non-cash transaction volumes are projected to surge to $2.3 trillion by 2027, and it has become essential for hoteliers to embrace a variety of payment options to enhance guest satisfaction. To do so, they should consider adopting modern fintech systems and establishing partnerships with leading payment processors.
The 2023 Lodging Technology Study highlights contactless payments as one of the top 10 technology offerings that hoteliers currently provide or intend to incorporate in the upcoming year.
Our new report, Hotel Tech Benchmark: Payment Solutions 2023, gives an overview of the top payment processing and point-of-sale (POS) system vendors in the hospitality industry. The report also sheds light on their additional capabilities, like business intelligence and financial reporting, as well as the total revenue potential of the technology in the hospitality industry.
What You’ll Learn
- Current and future growth potential of Point-of-Sale and Payment Processing Systems
- Total market penetration
- Top Vendors’ market penetration
- Revenue distribution for vendors
- Total market penetration for vendors based on the total number of hotels and rooms they service
This is the latest in a series of reports and data products that Skift Research puts out. The Hotel Tech Benchmark is a data product exclusively available to our Research subscribers, offering insights in market sizes, revenue streams, and vendor landscapes for the major hotel tech categories.
After you subscribe to Skift Research, you will gain access to our entire vault of reports conducted on topics ranging from technology to marketing strategy to deep dives on key travel brands. You will also be able to access our proprietary Skift Travel Health Index and Skift Travel 200 data and reports.
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Tags: digital payments, global payments, hotel tech benchmark, Payment Technology, restaurants, skift research