Travel payment goes virtual

Travel payment goes virtual

NEW research released by the Global Business Travel Association (GBTA) has identified five major business travel payment trends.

The report shows that virtual payments are on the rise among business travellers, with 56% of US travel buyers reporting lodge cards, or central travel accounts, are being used, allowing for multiple staff member access.

Regarding mobile wallets, 22% of companies said their corporate cards were already compatible with the technology, while 61% of non-users said they were interested in using mobile wallets in the future.

Roughly one third of respondents admitted to being unsure about the compatibility of the digital payment method.

Another important trend noted in GBTA’s research showed travel policies now overwhelmingly allow ride-sharing, with 89% of travel programs stating they accept the practice.

Interestingly only 1% of respondents said they prohibited ride-sharing & 10% of businesses are yet to adopt a policy.

When it comes to incentivising cost-effective travel behaviour, the data suggests the concept has so far failed to gain any significant traction with only 6% of businesses currently rewarding its employees.

Approximately 25% of companies said they would consider rewarding travellers in cases where admin costs were low, however, a significant 42% stated they would never even consider it.

Source: traveldaily