Global Online Travel Payment 2021 code:1525

Global Online Travel Payment 2021
OVERVIEW
TABLE OF CONTENTS
COMPANIES MENTIONED
Countries Covered: Australia, Canada, China, France, Germany, India, Indonesia, Japan, Malaysia, Mexico, Philippines, Russia, Singapore, Switzerland, Thailand, UK, USA, Vietnam
Pages: 68
Publication Date: 29/04/2021
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Questions Covered in the report:
  • How did the coronavirus pandemic change consumer attitude towards payment methods used for travel purposes?
  • What is the share of travelers who would return to cash payments when the risk of COVID-19 is reduced?
  • Which online payment methods were used by business travelers globally in 2020 during COVID-19?
  • How did the usage of travel credit cards change following the news of the COVID-19 vaccine?
  • What is the share of travelers who plan to spend more than normally would on a trip in 2021 since they could not travel in 2020?

Key Finding:

Global travel payments rely heavenly on technology during COVID-19, says new yStats.com report

Technology-driven payment methods facilitated travel during the pandemic

With the onset of the COVID 19 pandemic in 2020, the global travel industry was among those which were affected the most. In 2021, with many countries still maintaining movement restrictions, the industry is gradually making efforts to return to the pre-pandemic levels. With that, all elements of the industry, including payments, had to substantially rely on technology and automated solutions to attract those few travelers who could travel during the health crisis. According to the findings of the yStats.com report, four-fifth of tourists worldwide claimed that technology would accelerate their confidence in traveling, and two-fifths of them stated that the availability of contactless payments, such as Apple Pay, Google Pay, PayPal, Venmo, would allow them to travel more confidently. Moreover, in 2020, a significant share of consumers chose to abandon a travel-related purchase if a contactless payment option was not available. In 2020, furthermore, about every nine in ten travelers surveyed in Canada, the US, and in Japan and every eight in ten travelers in the UK considered “ease of paying” as an important factor when traveling, and a similar pattern was observed when choosing a travel agent or a tour operator.

Amid COVID-19, BNPL becomes increasingly important in travel payments

Another major trend in digital travel payments is the rise of Buy Now Pay Later solutions. With economic disruptions due to the COVID-19 restrictions in 2020, deferred and installment payments play an important role in the customer experience. The need for such solutions is confirmed in a 2020 international survey cited by yStats.com in the new report. The study reveals that a double-digit share of respondents said that the availability of a BNPL option was an important factor when booking a service related to a trip. Furthermore, around one in five travelers in the Asia-Pacific region used a BNPL payment option for trips in 2020, with Chinese travelers standing above the average. Generally, this payment method attracted the special attention of consumers and travel providers during the COVID-19 pandemic. Furthermore, according to figures in the new yStats.com publication, a significant share of travelers in a 2021 survey claimed that they save credit card points to go on a vacation once they feel comfortable traveling, and one-third of them are likely to rely on points even more than they used to before the health crisis. Nonetheless, despite the growing importance of technologies in travel payments, more than half of global travelers in 2020 claimed to return to cash payments when the risk from COVID-19 has reduced.

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1.Management Summary

2.Global Overview

  • Share of Travelers Who Plan to Spend More Than Normally Would on a Trip in 2021 Since Could not Travel in 2020, January 2021
  • Share of Travelers Who Would Return to Cash Payments When the Risk from COVID-19 Reduced, and Top 4 Reasons to Return to Cash, in %, 2020
  • Share of Travelers Who Consider Non-Card Payment Methods/E-Wallets as the Most Important Factor When Booking a Service Related to Travel, in %, 2020
  • Share of Travelers Who Consider Buy Now Pay Later Option as Important When Booking a Service Related to Travel, in %, 2020
  • Breakdown of Top Airline Priorities for the Introduction of Touchless Self-Service by 2023, incl. Mobile Touchless Payment, in % of Airlines’ IT Executives, October 2020
  • Share of Travelers Who Paid Contactless or via Mobile When traveling, in %, 2020
  • Share of Travelers Who See Contactless Mobile Payments as a Confidence Driver, in %, September 2020 & February 2021
  •  Share of Travelers Who Save Credit Card Points to Go on a Vacation Once Feel Comfortable Traveling, January 2021
  • Share of Travelers Who are Likely to Use More Travel Credits/Points to Pay for a Trip in 2021 Compared to Before the COVID-19 Pandemic, January 2021
  • Share of Travelers Who Abandoned Purchases Related to Travel If Contactless Payment Option was not Available, in %, 2020
  • Top Business Travel Payment Methods by Employees, in % of Corporate Travel Managers, 2020
  • Top Business Travel Payment Methods, in % of Business Travelers, 2020
  • Breakdown of Consumers Who Expected to Participate in More Virtual/Online Experiences During Their Trips, in % of Respondents, July 2020
  • Breakdown of Consumers Who Chose Technology Would Be Important in Minimizing Human Interaction When Traveling, in % of Respondents, July 2020

3.North America

  • Post-COVID-19 Sales Forecasts, by Product Category, incl. Digital Travel Sales, in USD billion, 2020e
  • Breakdown of Post-COVID-19 Forecasts Adjustments to Sales Values, by Product Categories, and Sales Channel, incl. Digital Travel Sales, in %, 2020e
  • Share of Travelers Who Consider Ease of Paying as an Important Factor When Traveling, in %, April 2020 in the US
  • Share of Travelers Who Consider Ease of Paying as an Important Factor When Choosing a Travel Agent or a Tour Operator, in %, April 2020 in the US
  • Breakdown of Consumer Attitude Towards Travel Credit Cards after the News of the COVID-19 Vaccine, in % of Travel Credit Card Owners, December 2020
  • Top Travel Credit Cards, by the Amount an Average Consumer Would Redeem over a Year, April 2021
  • Share of Travelers Who Consider Ease of Paying as an Important Factor When Traveling, in %, April 2020 in Canada
  • Share of Travelers Who Consider Ease of Paying as an Important Factor When Choosing a Travel Agent or a Tour Operator, in %, April 2020 in Canada

4.Asia-Pacific

  • Digital Travel Sales Value Per Capita, by Selected Countries, in USD, 2020 & 2025f
  • Share of Mobile Sales, in % of All Online Travel Sales, 2020
  • Share of Travelers Who Used BNPL Payment Method for Travel Purposes, in %, 2020
  • Overview of Consumers’ and Travelers’ Payment Patterns, April 2021
  • Share of Travelers Who Consider Ease of Paying as an Important Factor When Traveling, in %, April 2020
  • Share of Travelers Who Consider Ease of Paying as an Important Factor When Choosing a Travel Agent or a Tour Operator, in %, April 2020
  • Top 3 Technologies That Would Accelerate Confidence In Travel In the Next 12 Months, in % of Travelers, September 2020
  • Online Travel Market Value, in USD billion, 2019, 2020 & 2025f
  • Top 3 Technologies That Would Accelerate Confidence in Travel in the Next 12 Months, in % of Travelers, September 2020
  • Internet Economy Market Size, in USD billion, by Categories, incl. E-Commerce, Online Media, Online Travel, Transport & Food, 2015, 2019, 2020e & 2025f in Singapore
  • Internet Economy Market Size, in USD billion, by Categories, incl. E-Commerce, Online Media, Online Travel, Transport & Food, 2015, 2019, 2020e & 2025f in Indonesia
  • Internet Economy Market Size, in USD billion, by Categories, incl. E-Commerce, Online Media, Online Travel, Transport & Food, 2015, 2019, 2020e & 2025f in Vietnam
  • Internet Economy Market Size, in USD billion, by Categories, incl. E-Commerce, Online Media, Online Travel, Transport & Food, 2015, 2019, 2020e & 2025f in Malaysia
  • Internet Economy Market Size, in USD billion, by Categories, incl. E-Commerce, Online Media, Online Travel, Transport & Food, 2015, 2019, 2020e & 2025f in Thailand
  • Internet Economy Market Size, in USD billion, by Categories, incl. E-Commerce, Online Media, Online Travel, Transport & Food, 2015, 2019, 2020e & 2025f in Philippines

5.Europe

  • Top 3 Technologies That Would Accelerate Confidence In Travel In the Next 12 Months, in % of Respondents, September 2020
  • Breakdown of Payment Methods to be Used During the Next Trip, in % of Respondents, June 2020
  • Breakdown of Neobanks Use Cases, incl. Payments When traveling, in % of Neobanks’ Users, August 2020
  • Top 3 Technologies That Would Accelerate Confidence In Travel In the Next 12 Months, in % of Respondents, September 2020 in France
  • Top 3 Technologies That Would Accelerate Confidence In Travel In the Next 12 Months, in % of Respondents, September 2020 in the United Kingdom
  • Share of Travelers Who Consider Ease of Paying as an Important Factor When Traveling, in %, April 2020
  • Share of Travelers Who Consider Ease of Paying as an Important Factor When Choosing a Travel Agent or a Tour Operator, in %, April 2020
  • Breakdown of Consumers Expectations towards Travel Service Providers Post COVID-19 as Perceived by Travel Service Providers Representatives, in %, October 2020
  • Breakdown of Channels Where Online Payments are Used, in % of Online Shoppers, June 2020
  • Breakdown of Online Payment Services Used, in % of Online Shoppers, June 2020
Read More
  • Alpha Bank
  • American Express
  • Apple Pay
  • Bank of America
  • Chase sapphire
  • Google Pay
  • Hilton Hotels
  • Marriot hotels
  • PayPal
  • Roket bank
  • Samsung Pay
  • Venmo
  • Visa
  • Wells Fargo
Read More

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