UATP Blogs
Read expert advice from UATP executives on the biggest trends in the travel industry
from alternative forms of payments to innovations in the travel sector and more.
Written by:
Rachel Morowitz
SVP, Partner Processing
UATP
It’s hard to believe it’s been over two decades since AFPs (Alternative Forms of Payment) came onto the global financial scene. It didn’t take airline payment leaders long to see the value of AFPs as a way to reach markets or customer segments that don’t fall under the majority umbrella of “international card users.” However, as a YOY trend, airline adoption of AFPs progressed relatively slowly due to perceived high implementation costs and lack of customer demand to justify the business case.
But that mindset has changed today. We’re finding out that two-thirds of consumers worldwide believe that COVID-19 has precipitated a fundamental shift in their payment preferences and encouraged greater use of contactless payments. And, in 2021, AFPs exceeded cards in terms of total transactions worldwide.
Airline leaders today face massive competitive pressure to innovate and close gaps in their payment strategy so that they may rise to this moment. If they get it right, their actions will increase revenue, accelerate speed to market, improve customer experience, and grow cost savings.
Now is the time to seize the AFP opportunity.
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