The last thing consumers need when they’re hundreds or thousands of miles away from home is to be the victim of payment fraud. With a travel resurgence already well under way, it’s essential for industry organizations to ensure they are offering consumers payment options that are not just convenient, but that also reduce risk and instill confidence with every transaction.
Fortunately, innovative and secure digital payment technologies embraced by the travel industry have made it easy for individuals to safely 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 fraudsters, which is critical to boost revenue and revitalize sectors as they evolve to meet the shifting realities of the ongoing COVID-19 pandemic.
Implementing secure and user-friendly digital payment options builds brand loyalty and ensures repeat business – which is critical for travel industry organizations looking to prepare for a new wave of travel. Here are some of the payment methods that are helping businesses in the industry provide seamless, frictionless experiences for consumers.
Global and domestic 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 familiar major cards that can be used internationally, Cybersource, a Visa solution, also supports many national and regional cards, including Aura, ELO and Hipercard (all serving Brazil), Cartes Bancaire (France), RuPay (India) and Mada (Saudi Arabia).
Digital wallets and eWallets
Digital wallets are one of the most popular and well-established online payment methods. They store a consumer’s payment information to enable quick and secure transactions through either a mobile device, in-app or over the internet. Digital wallets typically use network tokenization to secure sensitive payment data and can be used anywhere in the world, making them a highly valuable tool for travelers heading out on a trip. Similar to digital wallets, eWallets store a consumer’s payment details and preload money that they can use to make payments.
Tools for preventing fraud
Travel, particularly when it’s across international borders, can bring with it anxiety and complexity for travelers. To help boost confidence there are many security tools that organizations can leverage. 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 widely used anti-fraud tools across all industries.
For example, 3DS (Three-Domain Secure) technology developed by Visa adds an extra layer of protection to the payment process by enabling 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 widely used solutions and techniques like company-specific fraud scoring models or multi-merchant purchase/order velocity monitoring. The latter is a process in which transaction data is analyzed to determine whether certain data points deviate from a consumer’s normal buying behavior.
The bottom line
Travel is back, and the industry needs to make sure they’re keeping pace. Delivering the best experience for consumers who are returning to travel starts with fast, frictionless and safe experiences through contactless payments, loyalty apps, digital wallets, and eWallets. Paired with a recognizable, trusted brand such as Cybersource, a Visa solution, these technologies can help assure travelers they are protected against fraud and give travel organizations a competitive edge.
Click here to find out why accepting digital payments is now more flexible and secure with Cybersource.