Amadeus, a global leader in travel technology, has announced the acquisition of Voxel, a prominent provider of electronic invoicing and B2B payment solutions for various players in the travel industry, including travel sellers, hotels, and other travel entities. This strategic move is poised to enhance the payment experience within the travel ecosystem and aligns with Amadeus’ commitment to delivering seamless travel experiences.
The acquisition of Voxel signifies Amadeus’ continued expansion into complementary areas that augment its existing offerings, catering to the evolving needs of its customers. By integrating Voxel’s solutions into its portfolio, Amadeus aims to provide a broader range of payment services for travel sellers while streamlining invoice management processes for tour operators, travel management companies (TMCs), hotel aggregators, and hotels.
Moreover, the acquisition is expected to bolster Amadeus’ presence in the hospitality segment and enhance its payments business, Outpayce, by enriching its product suite. The integration of Voxel’s technology will enable Amadeus to further automate the business travel experience, from reservation and payments to expense management, thereby catering more effectively to its corporate customers.
Decius Valmorbida, President of Travel, Amadeus, highlighted the significance of seamless and integrated payments in enhancing the travel experience. He emphasised the combined expertise of the teams at Amadeus and Voxel in driving innovation and facilitating smoother transactions within the travel industry. “To make the experience of travel better, it’s crucial we ensure smooth, integrated and even invisible payments. We now have a combined team of experts who are passionate about payments, and a breadth of customers who will now be able to leverage the power of Voxel and Amadeus together. This is yet another example of how Amadeus makes travel work better for everyone, everywhere,” he said.
Àngel Garrido, CEO, Voxel, expressed enthusiasm about joining forces with Amadeus and leveraging its global reach and expertise to accelerate growth and innovation in travel payments. He underscored the shared vision of both companies to deliver enhanced solutions that benefit travel sellers and providers alike. “The combination of our technology, teams, strong cultural fit, and our connections will no doubt bring us one step closer to smoother travel payments,” he added.
The impact of technology on sports tourism goes beyond the thrill of competition. It has revolutionised how we experience and engage in sporting events, shaping a global industry that connects individuals across borders and transcends geographical boundaries. This dynamic interplay is not merely changing the viewing experience, it is reshaping the very fabric of the sports tourism landscape. Mani Ganeshan shares more.
David Doctor, CEO, Outpayce, emphasised the strategic alignment of the acquisition with Outpayce’s objectives of strengthening the end-to-end payment offering and fostering an integrated payment ecosystem for travel companies. “Since the inception of Outpayce, Amadeus’ payments business, the focus has been to strengthen the current end-to-end offering as well as develop an integrated payment ecosystem to which travel companies can connect and access the latest fintech innovations. The acquisition of Voxel allows us to do both,” he mentioned. He affirmed his commitment to collaborating closely with the Voxel team to deliver frictionless travel payments.Founded in 1998 and headquartered in Barcelona, Spain, Voxel boasts an extensive clientele spanning hotels, tour operators, travel companies, and restaurants across 100 countries. With over 50,000 hotels and handling more than 100 million transactions annually, Voxel’s Bavel Platform has emerged as a cornerstone of electronic payment processing in the travel industry.
The acquisition, which has now been finalised, sees over 200 Voxel employees joining the Amadeus family, further solidifying Amadeus’ position as a key player in shaping the future of travel technology and payments.
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PayU, a leading digital payments platform, tailors its solutions to meet the unique requirements of the travel sector. Speaking at the recently concluded 2nd ET Travel & Tourism Conclave & Awards during a fireside chat on ‘Innovative financial services: Achieving growth during disruptions’ Anuradha Murthy, Head – Partnerships & Alliance, PayU shared how they study the different stakeholders in the travel ecosystem like travel agencies, booking engines, and property managers to plug in core payment solutions as well as ancillary services around reconciliation, invoicing, and more.
PayU facilitates international payments in over 32 currencies and addresses challenges like monitoring success rates and providing a dashboard for transaction reconciliation. The platform is also PCI 3DS2 compliant, adding an additional layer of fraud prevention for international transactions.
Payment solutions provider offers tailored solutions for travel industry, leveraging technology and data to meet evolving customer needs.
Anuradha Murthy, Head – Partnerships & Alliance, PayU highlighted the importance of data insights in the travel industry, citing examples of how businesses can use data to target relevant segments and improve their return on investment. She also acknowledged PayU’s efforts to facilitate payments and make them more accessible, with a focus on the knowledge behind those payments.
To increase demand and make travel more accessible, PayU offers affordability solutions like EMIs and other credit options on their checkout. Recommendation engines also nudge customers towards the most lucrative payment options based on their transaction history.
During the conversation, Murthy also highlighted how PayU is making travel more accessible and affordable for customers through easy payment solutions, such as easy EMI options and short-term lending.
Indians tend to have shorter booking windows, said Santosh Kumar, Country Head (Indian Sub-Continent & Indonesia), Booking.com, adding that for domestic travel, it is somewhere around 27-28 days, and for international travel, the window is three times higher than the other. He also spoke at length about the platform’s emphasis on alternate accommodations, a segment constituting 33 per cent of their global room nights.
“Look at leisure travel. As an example, a lot of customers actually look for easy payment solutions, not just from a perspective of convenience, but from a perspective of affordability. So, for example, an easy EMI solution, right, or looking at other credit or lending options, short term lending options, it could be a flexi cache, we provide these kinds of solutions in order to make it convenient for a traveller to sort of afford these solutions,” she mentioned. Emerging areas PayU is focusing on include social commerce on platforms like WhatsApp and providing data insights to help travel businesses better acquire and target relevant customer segments. The representative highlighted how priority settlements within an hour and other value-added services help address the working capital needs of the travel industry.
“Technology is key. Data is a great source, in order to predict user behaviors. So, when you combine the two, for example, what you can do is that you can nudge the customer towards a certain kind of behavior,” Murthy said.
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In recent years, the startup ecosystem has transformed industries worldwide by introducing innovative and convenient solutions that have significantly improved people’s lives. The travel industry, too, has experienced this wave of innovation, and it has had a profound impact on small and medium-sized travel agencies.
With a focus on convenience, these innovations have made the seemingly impossible a reality. Today, travel start-ups are revolutionising the way small and mid-sized travel agents access cost-effective, fast, and secure payment solutions, enabling them to compete more effectively in the market.
The Indian travel agency business is predominantly composed of micro, small, and medium-sized enterprises (MSMEs). With nearly 3 lakh travel agent businesses catering to holidaymakers, the industry’s post-pandemic revival and improved infrastructure have greatly benefited these smaller businesses.
Travel trade associations’ conventions have traditionally been platforms for industry players to connect and exchange ideas. While this remains a crucial aspect, the purpose of these events is evolving. Conventions now serve as accelerators for innovation, providing a space for the discussion of trends, technologies, and strategies that can redefine the industry.
Travel start-ups, particularly those operating in the B2B segment, have played a pivotal role in the industry’s resurgence. They not only bring innovations that benefit both consumers and businesses but also empower small agencies to stand shoulder-to-shoulder with large Online Travel Agencies (OTAs).Building online presence with integrated payment gateways: Today’s customers demand quick and smart solutions for their travel needs, including making payments on the go. While larger OTAs can afford to invest in expensive online payment gateways, smaller businesses can forge partnerships with travel start-ups to gain access to such gateways. This allows their customers to make online purchases seamlessly, enhancing the overall user experience.
TravClan for instance allows travel agents to purchase a white label travel website with an integrated payment gateway, that allows them to collect payments from their customers directly. Agents are able to access an otherwise expensive feature at a very affordable rate.
UPI payments revolution: Traditionally, online payments for businesses required significant working capital, putting MSMEs at a disadvantage. However, the rise of Unified Payments Interface (UPI) has been a game-changer. Travel start-ups are often more open to accepting payments through UPI, making it easier for smaller agents to collect and make payments without the need for substantial working capital.
Enhanced safety and security: Travel start-ups typically leverage robust technological integrations that ensure safer payment processes and secure online transfers. This heightened level of security instills trust among customers and businesses alike.
According to a recent survey by Uber India, the ride-sharing giant has not only revolutionised the way women in India travel but has also significantly influenced their daily routines and decisions regarding vehicle ownership. The increased convenience has resulted in 47 per cent of women feeling that exploring new places and attending events has become easier.
Digital wallet integration: Many travel start-ups incorporate digital wallet options into their platforms. This integration enables travel agents to receive and manage payments more efficiently while offering customers incentives like cashback and rewards programs, enhancing customer loyalty.
Flexible payment terms: Start-ups often offer flexible payment terms to their users, including travel agents. These flexible arrangements allow agents to pay for bookings in installments rather than requiring upfront payments. This approach can significantly alleviate cash flow challenges for smaller agencies.
Streamlined invoicing and customer management: Travel tech start-ups simplify payments further by providing solutions for invoicing and customer management. These tools save valuable time and resources for small businesses, enabling them to focus on what they do best – serving their customers.
Community building: Being associated with travel tech start-ups provides travel agents with the opportunity to become part of a larger community. This community fosters resource-sharing, tips, and strategies among agents, helping them grow their businesses collectively.
Travel start-ups have ushered in a new era of possibilities for small and medium-sized travel agencies. They offer these agencies access to cost-effective, fast, and secure payment solutions, leveling the playing field against larger OTAs. As the travel industry continues to evolve, these start-ups will play an increasingly vital role in shaping its future, ensuring that travellers and businesses alike enjoy the benefits of innovation, convenience, and efficiency.
The author is co-founder & CEO, TravClan
DISCLAIMER: The views expressed are solely of the author and ETTravelWorld.com does not necessarily subscribe to it. ETTravelWorld.com shall not be responsible for any damage caused to any person/organisation directly or indirectly.
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India’s emerging fintech landscape has been a game-changer for the way people transact in the country. With the increased use of digital payments, the country has graciously welcomed the wave of UPI (Unified Payments Interface), becoming a global leader in instant payments. Recent facts state – that India alone accounted for 40 per cent of the total digital transactions globally in 2021, paving the way for a cashless economy.
Having said that, India, being culturally diversified, is recognised for its rich heritage that attracts millions of tourists every year and serves as a catalyst for the booming economy. However, the burgeoning tourism sector comes along with increasing hassles of making payments for foreign nationals arriving as tourists in the country. Owing to the universality of the ground breaking payment system – UPI, foreign nationals are striving toward a cashless and more inclusive payment system.
Challenges stagnating the influx of foreign tourists
The tourism industry in India is experiencing an upsurge, with Foreign Tourist Arrivals (FTAs) reaching 6.19 million in 2022, a substantial increase from the 1.52 million recorded during the corresponding period in 2021. However, several routine challenges inhibit foreign tourists from making digital payments in the country with ease. One of the biggest hassles that affect them is making payments in local currency and cash dependency. Until February 2023, UPI was not available to foreign tourists arriving in India. Their cash dependency and currency exchange hampered their travel experience, as they had to be more cautious in exchanging money to avoid unfavourable rates and fees. Additionally, the lack of adequate access to financial tools in India cultivates negative impressions in the minds of foreign tourists. For instance, credit and debit cards are widely accepted in larger cities and tourist destinations; however, some places still only accept cash. Certain types of cards may not be accepted, and international transaction fees levied on such transactions can pose a major inconvenience.
Moreover, tourists also face difficulties finding ATMs that accept foreign cards, especially in remote or rural areas. Several times, ATMs also run out of cash or have withdrawal limits, which can hamper their travel experience.
UPI augmenting financial inclusivity
UPI payments are propelling the nation towards digital payments. Today, the scan-and-pay system is available for all kinds of transactions – from a local tea vendor to a luxury retail outlet. Its simplified payment procedure has brought ease in payments for foreign tourists, enabling businesses to enhance their financial payment infrastructure while creating more avenues for tourists to make transactions.
Myanmar will introduce visa-on-arrival for Indian tourists as part of a one-year trial scheme. The start date for the scheme is yet to be announced. Currently, Indian tourists have to apply for a visa online or at a Myanmar embassy. The visa will allow visitors to access all sites except restricted areas for security reasons.
As UPI is penetrating deeper in geographies and inclusivity, it is rapidly gaining momentum to revolutionise residents and tourists conduct transactions. The seamless payment infrastructure enables users to make transactions from multiple linked bank accounts on a single mobile application of third-party app providers anywhere at any time. The ease of UPI has bridged several gaps in financial accessibility, universality, and inclusivity across the country.
RBI’s intervention
As a relief to foreign travellers in India, the Reserve Bank of India (RBI) has introduced a policy to bring ease in making local payments. The announcement comes as a game-changer for the tourism sector as foreign travellers and NRIs can experience hassle-free payments via UPI at over five crore merchant outlets in the country.
As India takes on the role of hosting the G20 summit, UPI has garnered significant attention within the country among international travellers. Under this provision, the RBI has permitted global travellers to enrol in the PPI system using their international phone numbers. They can complete the KYC process using their passport and visa information, which then allows them to become fully integrated into the UPI framework. Once onboarded, they have the capability to directly add funds to their prepaid UPI wallet and make purchases. The NPCI has extended this facility to all G20 nations, including the United States, Germany, Australia, the United Kingdom, Russia, France, Italy, Canada, and others.
The rise of UPI and its increased accessibility has simplified the user experience for foreign tourists, enabling them to transact effortlessly during their stay. Several fintechs are stepping forward in India’s quest for a digitally driven fintech landscape. From residents to non-residents, India is making UPI – the largest instant payment network with cross-border experiences.
The author is the Co-Founder & CTO of CheqUPI.
DISCLAIMER: The views expressed are solely of the author and ETTravelWorld.com does not necessarily subscribe to it. ETTravelWorld.com shall not be responsible for any damage caused to any person/organisation directly or indirectly.
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