Covid19 and top payment-related themes - preparing for the future
15th October, 2020
Using a palm for a transaction, PSD2 SCA compliance, dealing with false declines… there are a number of payment-related areas that the travel industry needs to focus on at this juncture.
Main considerations are:
- CX: Customer interactions – both at the offline and digital level – are evolving at a rapid pace. The blend of what customers are expecting and the ongoing COVID-19 pandemic are paving way for contactless payment interactions. From a traveler’s perspective, a merchant must not only improve upon the shopping flow, for instance, taking care of safety-related aspects or cancellation/ refund handling, but also has to support payment methods that customers value and prefer.
- Payment infrastructure: Airlines need to support payment methods that are new or in demand. In the current environment, that means contactless payments and digital wallets. In the future, that may mean something else. Regardless of the COVID-19 crisis, the payments ecosystem continues to diversify and travel merchants must be ready to deploy new payment methods when customers demand them. Doing so at minimal cost and maximum speed.
- From a regulatory perspective, as Elavon acknowledges, implementing the more complex business, operational and technical changes required for the travel and hospitality sector is proving to be even more challenging when it comes to PSD2 SCA.Companies have to be compliant by the end of this year.
- Being on top of the fraud prevention game is a necessity as fraudsters have become more creative in the past few months. Assessment needs to start the moment a user arrives on a page or an app. For evaluating whether a user is a “good user” or not, don’t only rely on device attributes or historical transactional data. Understand the actual behavior and it will enable in gauging subtle differences between a legitimate user and a fraudster.
- Also, at a time when airlines must look at controlling their expenditure, they have to re-visit aspects of payment processing. How can payment orchestration help?
Hear from experts about what payment and fraud strategies do we need to take in order to return to profitability at #ATPS Virtual Conference 2020
Dates: 20-22 October
By Ritesh Gupta
Ai Editorial Team