Source: Pixabay
With gross travel bookings predicted to reach $1.7 trillion in 2026, the travel and tour industries worldwide are experiencing significant investments. One such investment is Worldline’s collaboration with Visa.
The company collaborated with the payment giants to launch a new virtual card-issuing solution for online travel agencies (OTA). The investment from both entities aims to ease financial transactions in the market by improving payment speed and the security of payment processes with travel agencies.
Growing Choice of Online Payment Methods
Worldline’s partnership with Visa reflects increasingly high demands for innovative online payment solutions over the last few years. This growth has been reflected in other financial services that are currently revolutionizing payments in other industries, such as the following.
Cryptocurrency
These digital currencies have grown increasingly popular over the last decade. Unlike virtual card services that require personal information before making payments, crypto payments rely on crypto exchange addresses.
The ease of international transfers via crypto has appealed to many businesses, many of which accept online cryptocurrency payments. For instance, the online casino industry has seen an increase in operators allowing crypto deposits and withdrawals. Some sites also offer crypto slots, which allow players to play slots and win crypto coins. These could be classic three-reel slots or even Megaways slots.
Digital Wallets
These are mobile wallets that can be topped up using different methods, including credit, debit cards, cash, and bank transfers. They serve as a middle layer, allowing users to transact online with their credentials or devices.
One of their appealing features is that they do away with the need to enter payment details, making online transactions more accessible and safer.
Source: Pixabay
Prepaid Vouchers
Prepared vouchers, voucher codes, or prepaid cards are alternative payment methods that work similarly to virtual card services. They allow individuals or businesses to make purchases online or make payments without using a credit or debit card.
Individuals can purchase a prepaid voucher from a retail store or an online platform. While some vouchers must be activated before use, others are ready for use upon purchase. To redeem the voucher’s value, individuals only need to enter the PIN code.
A Need for Efficient Payment Services in the OTA Market
As the online travel market expands, a demand for equally efficient payments will arise. Currently, the market holds 40% of the travel industry worldwide. However, with a gradual extension into other sectors, including touring agencies, airlines, and rail businesses, it’s speculated that by 2028, travel and tourism will be above 75% of revenue from overall online sales revenue.
Worldline’s VP of Growth, Guillaume Tournand, reiterated the partnership’s significance, expressing delight at its collaboration with a global brand. He stated, “It will transform the way online travel agencies handle payments by offering a unified solution that combines payment performance and cost effectiveness.”
Senior Vice President of Visa Commercial and Money Movement Solutions Ed Chandler also expressed pleasure at the partnership, saying, “ We are excited to partner with Worldline to streamline, unify, and enhance how online travel agencies are paid and pay their suppliers seamlessly.”