2024 Amadeus report: Global business travel booms with new trends & tech.

2024 marks a rebound in business travel, shaped by new trends and tech for enhanced value, as explored in the “Global Business Travel Trends 2024″ report.

This year is poised for a resurgence in corporate travel spending, reaching levels reminiscent of those in 2019. The landscape of business travel has evolved considerably over the past five years, with today’s business travelers demanding more value and benefits from each journey. Emerging technologies, particularly in the realm of Generative AI, are playing a crucial role in enhancing the overall travel experience.

The latest insights into these developments are highlighted in the “Global Business Travel Trends 2024” report, a collaborative effort by Globetrender and Cytric Easy from Amadeus. The report identifies seven key trends that are expected to redefine the corporate travel experience in 2024, including AI-powered personal assistants, executive outdoor retreats, and innovative strategies like “Objective Stacking.”

Revolution in Self-Managed Travel with AI Personal Assistants

The rise of Generative AI is transforming the way corporate travelers plan their trips, introducing AI Personal Assistants that offer round-the-clock support. These digital assistants can assist with everything from suggesting travel itineraries to helping travelers adhere to company policies, all through user-friendly, conversational interfaces.

The Emergence of Executive Outdoor Retreats

The concept of team-building activities is evolving into more extensive, nature-based retreats that offer a range of engaging and sometimes challenging experiences. These retreats aim to build team spirit and loyalty, taking participants out of their comfort zones with activities like rafting and wilderness survival.

Maximizing Business Travel Value with “Objective Stacking”

As companies face growing pressures to be financially and environmentally responsible, employees are expected to justify the necessity of their business trips. The concept of “Objective Stacking” involves planning trips to achieve multiple objectives, thereby increasing efficiency and value.

Blended Itineraries Take Precedence Over Strict Travel Policies

2024 sees a shift towards more flexible and personalized corporate travel policies, allowing for blended itineraries that combine business and leisure elements. This approach prioritizes the traveler’s experience and well-being.

Corporates Strive for Net Zero Emissions with Sustainable Travel Strategies

Following the COP28 agreement, companies are increasingly committing to sustainability goals. The travel industry is no exception, with strategies like “Objective Stacking” and flexible travel policies aiding in reducing carbon emissions.

Advancements in Digitized Expense Management

The shift towards digital expense management and virtual cards represents a significant change in corporate finance, simplifying processes and enhancing security and compliance.

Power Networking: Making the Most of Global Events

The focus is now on maximizing every opportunity at conferences and events, with a shift towards more purposeful networking and richer itineraries that extend beyond the main agenda.

Globetrender CEO Jenny Southan and Amadeus Cytric Solutions’ Deborah Mahoney emphasize the importance of discernment in business travel, balancing the need for in-person interactions with financial and environmental considerations. The future of corporate travel is marked by technological advancements and a return to basics, highlighting the significance of human connections and optimized travel experiences.

Source: Travel and tour world.

How Fintech is Reinventing Travel Payments.

The travel payments industry is undergoing a profound transformation, driven by the rise of fintech, evolving consumer preferences and changing market dynamics.

A 2023 white paper by Mastercard, titled “Embracing a virtual future of B2B travel payments”, explores these transformations and their impact on the sector.

The paper discusses how the pandemic has triggered a reevaluation of business-to-business (B2B) payment practices, the growing prominence of the merchant of record (MoR) payment model, and the increasing adoption of virtual cards.

Traditionally, travel agencies mainly served as intermediaries, transmitting consumer payment details to various service providers in an individual’s travel itinerary. However, the expanding network of suppliers has made this “pass-through” approach riskier and more cumbersome for both agencies and consumers.

To address these risks, an increasing number of travel agencies are shifting to the MoR model where the travel agency collects customer payments for all booked services, authorizes transactions, and then disburses payments to the specific suppliers associated with the booking.

The MoR model not only addresses these challenges but also opens up new opportunities for suppliers, allowing agencies to offer consumers new payment options such as installment methods and buy now, pay later (BNPL) arrangements.

The report notes a significant migration from the pass-through model to the MoR model, with travel agents acting as MoRs posting a compound annual growth rate (CAGR) of 43% from 2020 to 2022, a growth rate that’s more than double than that of the overall online travel agency market of 20% CAGR.

Another trend outlined by the Mastercard white paper is the digitalization of business-to-business (B2B) travel payments, with virtual cards in particular emerging as an appealing payment option. Virtual cards are essentially digital versions of physical payment cards. Virtual card numbers are digitally generated, PCI-compliant and single-use card numbers that are accepted everywhere traditional payment cards are.

According to Mastercard, virtual cards provide a unique, traceable link between booking and associated payments to third-party suppliers. They allow travel agencies and suppliers to easily track and reconcile payments, while offering benefits such as flexible pricing, financing options and card payment guarantees.

This results in a more streamlined payment experience for travel agencies and their customers, as well as travel suppliers. Transactions are also more secure, with Mastercard data revealing that the risk of fraud is 30 times lower when using virtual cards compared to traditional payment cards.

A 2023 infographic produced by Up in the Air, a travel payment consultancy from the Netherlands, depicts a dynamic and diversified B2B travel payment landscape.

This landscape comprises popular payment card schemes such as Visa, Mastercard and American Express; virtual card issuers such as banks; payment technology companies such as Stripe, Nium and Airwallex; as well as travel payment pure players such as Outpayce, a B2B payments business serving the travel industry, Mystifly, an airfare distribution and payments settlement marketplace platform, and iOL Pay, an automated payment acceptance solutions for the hospitality industry.

 Source: Fintech News.

Sabre and IAG expand partnership with multi-year distribution agreement including NDC content.

Sabre Corporation (NASDAQ: SABR), a leading software and technology provider to the global travel industry, has entered into a multi-year distribution agreement with International Airlines Group (IAG) that will expand their existing partnership and further promote modern travel retailing practices.

The agreement will allow Sabre-connected travel buyers and agencies to sell traditional EDIFACT content as well as having competitive access to NDC offers from British Airways, Iberia, Aer Lingus and Vueling – including Additional Price Points and ancillaries – through the Sabre travel marketplace globally. This enhanced content will provide travel agencies with a wider range of options to compare and shop for, while travelers will benefit from an improved experience with more choice and transparency. Sabre and IAG’s airlines are working closely together and will communicate as NDC content is rolled out to Sabre-connected travel agencies on a carrier-by-carrier basis.

The agreement between Sabre and IAG underscores the industry’s shift towards modern travel retailing, where airlines can differentiate their offerings and provide more personalized experiences to travelers. Both Sabre and IAG are committed to advancing the NDC standard as a key component in the industry’s evolution towards modern airline retailing enabled by offers and orders.

Colm Lacy, British Airways’ Chief Commercial Officer, said: “We are on a journey to A Better BA and we continue to invest across the business as part of that commitment. Not only are we improving the experience of those customers who fly with us, but also the way we work with our valued travel agent and travel buyer partners. We understand how valuable retailing is to them, and IAG’s partnership with Sabre allows us to make a wide range of attractable offers available even further across the globe.”

This agreement is another milestone in the IAG strategy to embrace digital retailing practices and offer more opportunities for customers to access NDC content. The partnership with IAG demonstrates Sabre’s continued commitment to driving value and serving the diverse interests of the global travel ecosystem.

“We are very excited about what’s ahead. The travel industry is entering a new era of personalized retailing that will bring better experiences for travelers and new revenue opportunities for airlines and travel agencies,” said Roshan Mendis, Chief Commercial Officer, Sabre Travel Solutions. “It’s fantastic to work with a strong, forward-thinking partner like IAG that is just as committed as we are to driving the industry forward.”

Source: Sabre.

AI and Biometric Technology: Key to Faster and Secure Air Travel?

In recent years, the convergence of artificial intelligence (AI) and biometric technology has ushered in a new era of efficiency and convenience within air travel.

Airports worldwide have slowly embraced these innovations, streamlining check-in processes, enhancing security measures, and ultimately providing passengers with smoother and faster journeys.

AI-Enhanced Security Screening

Gone are the days of long queues at security checkpoints. AI-powered scanners and detectors equipped with advanced algorithms now swiftly identify prohibited items and potential security threats.

These systems analyze X-ray images to detect anomalies, reducing the need for manual inspections and significantly expediting the screening process.

Biometric data, such as facial recognition and fingerprint scanning, has become a cornerstone of airport security.

Passengers can seamlessly move through checkpoints by presenting their faces or fingerprints, eliminating the hassle of repeatedly presenting boarding passes and identification.

For instance, Changi Airport in Singapore has implemented facial recognition technology, allowing passengers to breeze swiftly through immigration and boarding procedures.

Efficient Check-in Procedures

AI-driven check-in kiosks and mobile applications have simplified the initial stages of travel. Passengers can complete the check-in process autonomously, select seats, and even drop off baggage without extensive interaction with airline staff. Moreover, AI algorithms predict and manage peak travel times, optimizing staff allocation and reducing wait times at counters.

Biometric authentication plays a pivotal role in expediting check-in. Some airports have introduced biometric boarding gates that match passengers’ facial or iris scans with their flight information, enabling a seamless boarding experience.

Source: Eturbo News.

Safarilink Launches on Travelport(GDS): Improving Accessibility and Connectivity

A prominent participant in the Kenyan aviation sector, Safarilink, has recently achieved a noteworthy milestone by incorporating its offerings into Travelport (GDS). This move not only enhances the airline’s visibility but also opens up new avenues for seamless bookings and improved accessibility for Travel Agents and travelers
With a strong reputation for providing reliable and efficient air travel services, Safarilink has been a trusted name in the Kenya and Regional aviation sector.

The airline, which specializes in getting travelers to unique destinations like Masai Mara, Tsavo, the Coastal Region, Zanzibar, etc., has now increased its global presence by joining the Travelport system, which is accessible in more than 150 countries.

By going live on Travelport, Safarilink instantly expands its reach to a global audience, allowing travel agents and online platforms to seamlessly access and book their flights. The Agents can now enjoy a simplified and streamlined booking process, as Safarilink’s flights will be integrated into Travelport Smartpoint system, ensuring a hassle-free experience for both agents and passengers.

This move shows Travelport’s commitment to bring more content to the Travel Agents through one system thus making the flight bookings easy and seamless. Travelport Kenya will also run a promotion within the Smartpoint systems for consultants to earn Faidaplus points when they book Safarilink flights on Travelport from December 2023 to March 2024.

source: KATA Media and communications- info@katakenya.org

flysafarilink travel

TravelTech needs FinTech in Africa

Africa’s travel and tourism sector has immense growth potential. But a major hurdle that first needs to be overcome is the large percentage of the continent’s population who remain unbanked, particularly when it comes to facilitating payment for travel and tourism services.

Additionally, there is a need to digitise existing products and services to enhance market access and the experience for all travellers and improve operational efficiencies for businesses operating in the sector.

From a fintech perspective, it is crucial to identify ways to facilitate transactions between businesses in the tourism sector and payment oversight entities. One successful example of this is mobile money, which has gained significant traction across Africa with platforms like M-Pesa in Kenya leading the way. Integrating mobile payment solutions into traveltech platforms can cater to the large unbanked population and provide convenient payment options for travellers throughout the continent.

Cross-border remittances already play a critical role in many African countries, as they heavily rely on payments made from the diaspora. Fintech can help here by facilitating affordable and convenient cross-border money transfers for travel purposes. Blockchain-based solutions, for instance, can reduce costs, improve transparency, and accelerate the speed of transactions, benefiting both travellers and their families.

Fintech platforms can introduce micro-investing or savings features specifically designed for travel purposes. By enabling individuals to save small amounts of money regularly, these platforms can help people build travel funds over time. Fintech solutions can also address the challenges of financial inclusion in Africa by leveraging alternative data sources for credit scoring and providing access to credit for individuals with limited formal banking history. This can empower more people to travel and support the growth of domestic tourism within the continent.

To better incorporate fintech into existing traveltech solutions, online travel agencies and digital travel platforms should consider integrating fintech solutions to streamline payment processes, provide secure transactions, and even offer financial services like microinsurance or access to credit for travel expenses. Platforms like Airbnb, for instance, which have already disrupted the traditional accommodation industry could benefit from fintech integration to facilitate seamless and secure payment processes between hosts and travellers.

Africa’s rich natural and cultural heritage presents opportunities for sustainable tourism initiatives. Fintech can support impact investing in sustainable tourism by providing crowdfunding or investment platforms that connect travellers, local communities, and investors interested in supporting environmentally friendly and socially responsible travel projects. This could be realised through peer-to-peer lending or crowdfunding that supports the growth of alternative accommodation providers or local travel start-ups in Africa.

Loyalty programs are an essential tool for fostering customer loyalty and engagement in the travel industry. By leveraging fintech solutions, data analytics, and social impact initiatives, loyalty programs in Africa can enhance the customer experience. Personalised rewards based on local preferences can be integrated into mobile-first solutions, further driving customer retention, repeat bookings, and overall industry growth.

While there are significant benefits to integrating fintech and traveltech, it is crucial to address potential risks. Data breaches, identity theft, and unauthorised access to financial accounts are serious concerns that must be mitigated through robust security measures. Seeking guidance from mentors or professionals, implementing backup plans and alternative payment methods, prioritising data privacy, and complying with regulations are essential steps in managing these risks.

Regulatory compliance is another critical aspect to consider. Fintech and traveltech platforms must understand and adhere to relevant financial regulations, such as anti-money laundering (AML) and know-your-customer (KYC) requirements, to ensure compliance and build trust among users.

Moreover, the travel industry is susceptible to market volatility, geopolitical events, and natural disasters. To offset these risks, platforms must diversify their offerings, have contingency plans, and stay updated on market trends and advisories.

Access to capital can also be a challenge for fintech and traveltech solutions. Limited credit history or collateral may hinder entrepreneurs and businesses from accessing the necessary funds. It is important then to carefully evaluate fintech lending platforms and ensure alignment with financial capabilities.

Bridging the gap between fintech and traveltech holds immense potential for Africa’s travel and tourism sector. By incorporating fintech solutions into existing traveltech platforms, we can enhance payment processes, facilitate secure transactions, promote financial inclusion, and support sustainable tourism initiatives.

However, it is vital to address potential risks and challenges through robust security measures, regulatory compliance, and contingency plans. With careful implementation and collaboration, fintech and traveltech can work together to unlock the full potential of Africa’s vibrant travel industry.

Source:  Gadget

Flutterwave Joins IATA to Enhance Travel Payments in Sub-Saharan Africa

Flutterwave, a leading fintech company, has teamed up with the International Air Transport Association (IATA) to enhance travel to sub-Saharan Africa. By integrating with IATA’s payment platform, Flutterwave enables airlines to process customer payments through various methods, including cards, bank transfers, and mobile money, providing a seamless payment experience for travelers.

Flutterwave is renowned for its payment infrastructure that serves global merchants and payment service providers across Africa. With over 400 million transactions processed, totaling above $25 billion, and catering to more than one million businesses, including notable clients like Uber, Airpeace, Bamboo, and Piggyvest, Flutterwave has solidified its position in the fintech industry.

The recent partnership with IATA Financial Gateway (IFG) offers airlines the capability to receive local payments from African markets through all their distribution channels. IATA, which represents around 290 international airlines, sees this collaboration as a means to enhance operations in Africa while providing customers with convenient local and international payment options.

Flutterwave’s CEO and founder, Olugbenga Agboola, highlights the potential for accelerated growth in Africa’s aviation sector, projected to be one of the fastest-growing regions over the next two decades. Simplifying payment processes for global airlines entering the African market is expected to encourage further expansion and investment in the continent’s aviation industry.

Muhammad Albakri, IATA’s Senior Vice President of financial settlement and distribution services, expresses excitement over Flutterwave’s participation in bringing secure and innovative payment methods to airlines, travel resellers, and the traveling public in Africa. The collaboration between Flutterwave and IATA aims to enhance the overall travel experience for passengers while boosting economic growth in the African aviation sector.

Source: techafricanews 

Sabre teams with iCoupon

Sabre Corporation, a leading software and technology provider that powers the global travel industry, announced an agreement with leading digital vouchering platform iCoupon to enable its airline customers to enhance the passenger and crew experience during flight disruption. Using the iCoupon technology, airlines can turn passenger and staff boarding passes into vouchers that can be immediately redeemed at airport restaurants and retailers.

“Sabre has deep global expertise in minimizing the impact of airline disruption, so we’re thrilled that we will be working closely together through this new agreement,” said Richard Bye, CEO of iCoupon. “This alliance will support our global expansion plans by enabling us to offer our innovative solution to more airlines across the world, while allowing airlines to improve efficiencies, reduce costs, and improve passenger satisfaction during times of disruption.”

Airlines around the world use Sabre’s intelligent service recovery solutions to holistically solve passenger reaccommodation challenges, including providing travellers with self-service options to enable them to effortlessly choose their own flights. iCoupon’s solution will complement Sabre’s existing technology and expertise. Eliminating the need for a physical voucher and providing an environmentally friendly solution, iCoupon’s technology enables airlines and ground handlers to remotely and instantly issue digital vouchers directly to a passenger’s boarding pass in the event of significant delays or disruption. Passengers can then instantly redeem their voucher at any iCoupon-integrated restaurant or retailer with their mobile or printed boarding pass. The solution can also be used for staff and crew meal entitlements.

“Even with the very best network plan and the most optimal scheduling, unexpected delays and disruptions happen for all sorts of reasons,” said Corrie DeCamp, Senior Vice President, Product Management for Sabre Travel Solutions. “And when a disruption does happen, passengers expect and demand instant solutions. Providing immediate compensation through unique barcodes on boarding passes that passengers already have streamlines processes for airlines while minimizing what can be a stressful situation for both passengers and airline staff. We’re delighted to be bringing our airline partners the opportunity to add iCoupon to their disruption strategies.”

SOURCE: Traveldailynews

How An AI System Called EMMA Is Optimizing Operations At Doha’s Hamad International Airport

Airports are bustling hubs of activity, with passengers, flights, and cargo passing through their gates every day. Efficiently managing operations and ensuring a seamless travel experience for passengers is a complex task.

In Doha’s Hamad International Airport (DOH), the second-best airport in the world (according to SKYTRAX), a revolutionary AI system called EMMA – Environmental and Movement Monitoring for Airports – is transforming the way the airport operates, optimizing efficiency, and enhancing safety.

What exactly does EMMA do?

EMMA’s CEO and co-founder, Wisam Costandi, identified a crucial issue that airports around the world face: a lack of efficient communication between airports, airlines, and air traffic controllers. This leads to ineffective processes, which in turn, results in a loss of time and revenue.

Thus, EMMA was born – a futuristic platform powered by Artificial Intelligence (AI) and Machine Learning (ML) that utilizes advanced algorithms and real-time data to manage the movement of aircraft, vehicles, and personnel on the airport’s apron and taxiways. By harnessing the power of AI and ML, EMMA has revolutionized Hamad International Airport’s operations and ushered in a new era of efficiency and productivity.

In a statement shared with Simple Flying, Costandi said:

“EMMA brings improved coordination and provides greater visibility into all airport operations for all stakeholders, increasing efficiency and resulting in more on-time arrivals and departures, while decreasing CO2 emissions considerably.”

Unrivaled benefits for airports

One of the most significant advantages of EMMA is its ability to adapt and learn from real-world operations. Through continuous data collection and ML, the AI system becomes increasingly intelligent over time. It can fine-tune its algorithms, improve predictions, and adapt to changing airport dynamics. This flexibility ensures that EMMA remains a valuable asset, capable of meeting the evolving needs of the airport and accommodating future growth.

These capabilities reap benefits for airports in the form of efficiency, better decision-making, better planning through increased predictability, improved accuracy and timeliness, better slot performance and resource utilization, and reduced ground delays. All in all, these advantages contribute to reduced operational costs and decreased carbon emissions.

Growth and expansion

The implementation of EMMA at DOH has set a new standard for airport operations worldwide. By harnessing the power of AI and ML, the system has transformed how the airport manages its operations, optimizing efficiency, enhancing safety, and improving the passenger experience.

As other airports around the globe witness the success of EMMA, it is expected that AI systems will play an increasingly vital role in shaping the future of aviation, leading to smarter, greener, and more passenger-centric airports.

In fact, EMMA is expected to expand to the US in view of the increased taxi time at 30 of the country’s largest hubs. As reported in The New York Times, a 2019 study from Airlines for America found that from 1990 to 2018, taxi time increased by 19% at these hubs and 24% at 31 medium-sized airports. With the advent of EMMA, this could very well change for the better in the near future.

SOURCE: Simple Flying

Qatar Airways and Google Cloud to Collaborate on Data and AI

Google Cloud and Qatar Airways have agreed to collaborate to set out the airline’s intention to explore leveraging Google Cloud’s data analytics and artificial intelligence (AI) solutions to create superior customer experiences for its passengers. In 2022, Qatar Airways carried 18.5 million passengers across 150 destinations worldwide. This large volume of passengers drives an abundance of structured and unstructured data to the airline’s digital transformation unit. The proposed collaboration with Google Cloud is intended to help bring deeper meaning to Qatar Airways’ customer data through the power of Google’s data analytics, AI and machine learning (ML) solutions, including BigQuery and Vertex AI. This, in turn, will enable the airline to enhance the travel experience for passengers, providing them with offerings personalized to their individual needs, travel trends, and past travel history. Qatar Airways Chief Information Officer, Mr. A.T. Srinivasan, said, “Qatar Airways is a highly respected aviation leader which has always set benchmarks with its globally recognized and award-winning customer service. Google Cloud brings us the opportunity to build elasticity and scalability on demand, as we increasingly look to leverage both structured and unstructured data to personalize customer and employee experience. We will also leverage Google’s highly secure and diverse set of Cloud service offerings for optimizing our airline and airport operations particularly in the areas of aircraft inventory, flight operations both on ground and in the air, as well as airport operations. We also look forward to collaborating with Google Cloud to try out some of their cutting-edge technology through this long-term partnership. The presence of a Cloud in Qatar gives us the assurance that our data stays in-country and we can focus on data and AI/ML led innovation without having to worry about data residency.” Ghassan Kosta, Qatar Country Manager, Google Cloud added: “Businesses today can make smart decisions in real time and provide personalized experiences to their customers through AI and machine learning     tools. Qatar Airways is not only an airline that takes passengers from point A to point B, but also it is a manifestation of Qatari hospitality. Through use of Google Cloud, Qatar Airways can enable passengers to enjoy elevated travel experiences, including personalized travel recommendations and suggestions as if they have a dedicated travel agent who understands their specific needs and requirements.” Additionally, Qatar Airways and Google Cloud will explore further areas of collaboration, including using cloud tools to drive cost optimization, increase streamlined operations, and more. Sustainability is also a top priority in the airline’s digital transformation roadmap, and Qatar Airlines will explore using Google Cloud, the cleanest cloud in the industry, to implement new programs that will support Qatar Airways in fulfilling its sustainability goals by 2030.
SOURCE: breakingtravelnews