The last thing consumers need when they are hundreds or thousands of miles from home is to fall victim to payment fraud. With travel already in full swing, it’s imperative for industry organizations to ensure they offer consumers payment options that are not only convenient, but also reduce risk and inspire confidence in every transaction.
Fortunately, innovative and secure digital payment technologies used by the travel industry have made it easy for individuals to securely pay for goods and services – no matter where they are in the world. These payment options encourage consumers to spend without fear of being targeted by scammers, which is critical to growing revenue and revitalizing sectors as they evolve to meet the changing realities of the ongoing COVID-19 pandemic to be fair.
Implementing secure and easy-to-use digital payment options strengthens brand loyalty and ensures repeat business – which is crucial for travel industry companies preparing for a new wave of travel. Here are some of the payment methods that are helping companies in the industry provide consumers with a seamless, frictionless experience.
Global and national credit, debit and prepaid cards
Cybersource, Visa’s global payment and fraud management platform, enables travelers to make payments using cards issued by banks and other financial institutions. In addition to the well-known popular cards that can be used internationally, Cybersource, a Visa solution, also supports many national and regional cards including Aura, ELO and Hipercard (all for Brazil), Cartes Bancaire (France), RuPay (India) and Mada (Saudi Arabia).
Digital wallets and eWallets
Digital wallets are one of the most popular and established online payment methods. They store a consumer’s payment information to enable fast and secure transactions either through a mobile device, in-app or over the web. Digital wallets typically use network tokenization to secure sensitive payment details and can be used anywhere in the world, making them an extremely valuable tool for travelers embarking on a journey. Similar to digital wallets, eWallets store a consumer’s payment details and preload money that they can use to make payments.
Fraud Prevention Tools
Travel, especially when it crosses international borders, can bring anxiety and complexity for travelers. To build trust, there are many security tools that businesses can use. According to the 2022 Global Fraud and Payments Report, credit card and identity verification services, two-factor phone authentication and EMV® 3DS™ are the most commonly used anti-fraud tools across industries.
For example, 3DS (Three-Domain Secure) technology developed by Visa adds an extra layer of protection to the payment process by allowing issuers to authenticate a cardholder using methods ranging from a one-time password to biometrics.
While fraud prevention tools like 3DS are considered the most effective at detecting and preventing fraud, travel companies should also consider adopting other, less common solutions and techniques, such as company-specific fraud scoring models or multi-merchant purchase/order speed monitoring. The latter is a process that analyzes transaction data to determine if certain data points deviate from a consumer’s normal purchasing behavior.
The final result
Travel is back and the industry needs to make sure it keeps up. Delivering the best experience for consumers going back to travel starts with fast, smooth, and secure experiences through contactless payments, loyalty apps, digital wallets, and eWallets. Coupled with a recognizable, trusted brand like Cybersource, a Visa solution, these technologies can help protect travelers from fraud and give travel companies a competitive edge.
Click here to find out why accepting digital payments is now more flexible and secure with Cybersource.