CellPoint Digital Debuts Alternative Payment Hub for Travel Industry
CellPoint Digital has launched a suite of alternative payment methods for the travel sector.
The payment orchestration company’s APM Hub debuts as travelers are increasingly turning to alternative payment methods (APMs) like digital wallets.
“The launch of the APM Hub underscores the growing importance of APMs in what merchants need to offer,” Tom Randklev, global head of product at CellPoint Digital, said in a Wednesday (Sept. 25) press release.
“We’re committed to investing in these solutions today to help drive future business growth — for our partners and ourselves.”
APM Hub, launching in the early part of the fourth quarter of the year and being rolled out to Latin America and EU customers first, is designed to streamline and accelerate access to APMs, the release said.
The hub offers customers access to 168 of the “most critical” APMs, designed to offer merchants a single-integration solution and built-in redundancy for a more reliable and resilient payment infrastructure.
“APMs, including digital wallets, cash vouchers, bank transfers, and Buy Now, Pay Later (BNPL), are rapidly gaining popularity with consumers worldwide,” the release said.
“This surge in demand is prompting merchants across industries to offer more APMs to their customers, spurring innovation in the payments sector with new options continuously emerging.”
This is backed up by research from PYMNTS Intelligence, which finds that 74% of travelers view digital wallets as essential to their experience. That rate climbs even higher for affluent travelers (83%) and millennials (82%).
“Customers using digital wallets spend an average of $44 per visit at restaurants, more than the $33 spent by those using traditional payment methods,” PYMNTS wrote earlier this week. “This trend reflects a broader consumer preference for seamless, efficient payment solutions that enhance the overall travel experience.”
And while some travel and hospitality companies are still cautious about embracing new payment technologies, many recognize the competitive advantages that real-time payment systems can provide, with one survey finding that 71% of hoteliers believe guests view technology as empowering, with contactless payments ranking as the most desired innovation.
Earlier this month, CellPoint announced it would provide payment orchestration services to Arajet, an airline based in the Dominican Republic serving 23 destinations in 16 countries in the Caribbean and the Americas.
The company said this collaboration allows Arajet to centralize its payment processes and support a variety of APMs in South America and Mexico.
The post CellPoint Digital Debuts Alternative Payment Hub for Travel Industry appeared first on PYMNTS.com.