On a global scale, payments are undergoing a period of unparalleled disruption. This is most apparent in the explosion of new payment apps and options being presented to customers, but there are also seismic changes going on beneath the surface. The world of payments, traditionally controlled by banks, is being opened up to new players and business models, and our research regarding the payments journey offered to guests by 23 hotel chains and OTAs across 17 different countries provides insight into how and why this world is changing at a rapid pace.
In this paper we look at how guests’ growing preference for Alternative Payments is going to disrupt the standard credit-card-based omnichannel journey, and how hotels should embrace this disruption. We look at the reasons why credit cards are so integral within the industry today, and how guests’ choices of payment types are shifting due to changes in demographics and the influx of mobile technology. We also explore the potential benefits of embracing this shift beyond simply enabling guest choices, and map out the steps to be taken to respond strategically. We cover:
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