Study in the travel and mobility sector: Mobile and convenient payment solutions increasingly in demand

• Trends in travel and mobility require new payment systems
• Mobile payment methods offer great potential for businesses
• Future-proof technologies are essential

A new study by the payment initiative P19 and KRAFTKINZ shows that mobile payment solutions are revolutionising the travel and mobility sector. Experts see great potential – and challenges – in adapting to modern payment requirements. P19 partner Worldpay provides support with solutions tailored to the changing needs of travellers.

Vienna, 22 October 2024 – The latest study by the P19 payment initiative, conducted in collaboration with KRAFTKINZ, takes an in-depth look at current trends and potential in payment solutions in the travel and mobility sector. Using a digital questionnaire, more than 100 experts were surveyed over a period of more than four weeks in September 2024. The sectors covered included banking, service providers and payment service providers, commercial and business enterprises, and interest groups from the DACH region, other European countries and the USA.

The results show that mobile payment methods are the fastest growing payment methods in the mobility sector and offer enormous potential for companies to increase their revenue. ‘Customers increasingly prefer convenient and secure payment methods, especially when travelling. Mobile payment solutions are not just a trend, but a long-term necessity that companies must respond to in order to remain competitive,’ said Birgit Kraft-Kinz, co-founder of P19 and CEO of KRAFTKINZ Powergroup GmbH, at the study presentation on Tuesday.

Mobile payment conquers the mobility market
Travel and mobility play a central role in our globalised world. The needs of travellers are constantly evolving, and with them the requirements for modern payment processes. Personalised payment experiences, globally accepted payment methods and the highest security standards are contributing significantly to a new, more convenient form of payment. Mobile payment methods, in particular mobile wallets (45.4%) and contactless card payments (35.2%), are among the fastest-growing forms of payment in the mobility sector. Worldpay, a partner of P19, recognises the potential of this development and is focusing on appropriate solutions that are already being implemented for customers such as the travel platforms Booking.com, Expedia and Airbnb, as well as for Qatar Airlines. With payment methods tailored to the growing needs of travellers, the company enables secure, simple and personalised payment processes worldwide, relying on partnerships with leading companies such as Ixopay, Klarna, Oracle, Sabre and Amadeus.

Challenges of implementing payment solutions
Changing consumer expectations require a fundamental adjustment of the payment solutions offered in the travel and mobility sector. According to experts, the challenges involved in implementing new payment methods primarily concern acceptance by merchants and consumers (36.1%). Other obstacles include the current infrastructure and technology (30.6%) and differing regulatory requirements (23.1%).‘Worldpay is aware of the challenges posed by the changing payment landscape. Through our global reach and close cooperation with companies, we ensure the seamless introduction of new technologies and thus create future-proof solutions – including in the travel and mobility sector,’ says Fredrik Neumann, Country Manager DACH at Worldpay.

Security, user-friendliness and acceptance as key factors
The choice of payment method depends on a variety of factors that are constantly evolving with technological advances. In an increasingly digital world where transactions often involve sensitive data, security is the top priority for international customers (68.5%). Availability and acceptance are also perceived by experts as crucial for the choice of payment method (65.4%), followed by the key factor of user-friendliness (57.9%). Transaction speed, convenience and ‘smartness’ are also important, but of lesser significance. ‘The priorities when choosing payment methods have clearly shifted: security is essential for international customers, followed by the acceptance and availability of payment options. User-friendliness also plays a major role – the best solution is one that is easy and intuitive to use,’ emphasises Roland Toch, co-founder of P19.

Future technologies in the travel and mobility sector
The diversity of digital payment methods currently available on the market makes everyday life easier for consumers – especially in the mobility sector. According to the P19 study, biometric authentication (52.8%) and IoT-based payments (Internet of Things, 28.7%) are considered pioneering technologies of the future in the payment sector. The current assessment of the Payment Pioneers surveyed on artificial intelligence and blockchain-based payments shows that these play a subordinate role; in addition, digital central bank currencies (CBDCs) and cryptocurrencies are considered to be of little relevance for the payment transactions of the future. Martin Sprengseis, co-founder of P19 and managing partner at bluesource – mobile solutions, concludes: ‘To remain competitive, the sector must invest in new technologies, expand the global acceptance network and strengthen fraud prevention. Collaboration with innovative companies such as Worldpay is key to success.’

The live recording of the press conference is available for download here.

Image (from left to right): Martin Sprengseis (bluesource, P19), Fredrik Neumann (Worldpay), Birgit Kraft-Kinz (KRAFTKINZ, P19) and Roland Toch (P19) presented the study results © P19/Paris Tsitsos

P19 is the platform for more than 1,200 payment pioneers. The payment pioneers are a rapidly growing network working together to raise awareness of the hot topic of payments in Europe and promote collaboration. We stand for exchange and innovation in a sustainable European payments industry.