Hopper: The evolution of payments in travel booking

FinTech Magazine speaks to Hopper’s Head of Payments and Fraud, Anirudh Narla, at Money20/20, about the evolution of payments in travel booking and why travel companies must be careful about the latest products they employ. 

Remembering back to just 10 years ago when payments in travel were managed on the end of the hotel or airline, Narla notes how to process had “a lot of friction”, with pain points around the point at which a client is charged as well as unclear refund processes. 

As such, the biggest upgrade for Narla over the last few years is travel agents processing the payments from customers themselves. With this innovation, customers know when they are going to get charged, refund tracking, and instant refunds. 

As we move into 2023 and beyond, though, Narla preaches caution for the types of new payments innovations utilised by travel agents. 

Admitting while buy-now-pay-later financing options would be of interest to consumers, given that travel is such a low-margin business, the risks of failed payments outweigh the potential for profitability for travel agents, meaning many customers would not be eligible. 

For Narla, the key is to find a solution for this moving forward. 

See the full video with Narla above, or visit the FinTech Magazine LinkedIn page here.