1、FLYING WITH FINTECH:How Virtual Cards Create an Air Travel Payments Revolution 2 2023 Nium Pte.Ltd.All Rights RAn international dance of crew,machinery,logis-tics,and infrastructure combine to help humans defy gravity.So why have the industrys payment systems remained so stubbornly earthbound?The ai

2、r travel ecosystem requires managing complex payment flows involving many different parties,including travelers,tourism suppliers,and third-party vendors worldwide.Existing processes often lead to high operational costs,errors,and cash flow issuesmany of which fall on online travel agencies(OTAs).OT

3、As face the fundamental problem of provid-ing services on a global scale that require local-ly-tailored compliance and integration to ensure acceptance and manage overhead.However,they also bear a disproportionate amount of the risk.Fintech will transform the way money moves through the air travel e

4、cosystem.Virtual cards give OTAs more control,transparency,and insight into payment processes,reducing unnecessary fees,and maximizing acceptance rates to deliver a consistent,efficient customer experience.Online Travel Agencies 43%Direct 29%Travel Agents 29%IntroductionHow do travelerslike to book?

5、43%29%29%Modern air travel is amarvel of coordination3 2023 Nium Pte.Ltd.All Rights RTaking Off With Technology41%of travelers say they prefer booking via OTAs,while 29%book direct and 29%book via travel agents.However,global travel trends and the lingering hangover of a travel-toxic global pandemic

6、 have put new demands on OTA busi-ness modelsones that traditional payment methods are ill-equipped to handle.In 2022,the Online Travel Agency(OTA)market was valued at over$760B and will grow to$865.5B in 2023 at a compound annual growth rate(CAGR)of 13.6%.Analysts project growth of 11.07%year-on-ye