SINGAPORE – SUNRATE, a global payments and treasury management platform, has announced the release of a new white paper titled “Navigating the Complexities of Cross-Border B2B Travel Payments: Practical Insights for Travel Intermediaries” at Travel Tech Asia 2024, Asia’s Leading Travel Technology Trade Show.
According to Statista, the online travel market’s global revenue reached just under 600 billion U.S. dollars in 2023.
This figure is expected to grow steadily in the following years, exceeding 800 billion U.S. dollars by 2028.
Additionally, when breaking down global travel and tourism revenue by sales channels, the leading role played by the online market is clear, with online transactions generating over two-thirds of total sales value.
Despite the opportunities to maximise profits in a booming industry, travel intermediaries such as, Online Travel Agencies (OTAs), Travel Agencies (TAs) and Travel Management Companies (TMCs) often face high transaction costs, inefficiencies in payment processes, security concerns, cross-border payment complexities, and the need for effective working capital management.
