phocuswright trends in travel payments -...
TRANSCRIPT
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Trends in Travel Payments
April 16, 2013 A PhoCusWright Special Project
Elavon2013 Airline & Lodging Symposium
Douglas QuinbyPrincipal Analyst
PhoCusWright Inc.
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Map the Travel Payments Landscape Region Method
Model Travel Segment
Source: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
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© 2013 PhoCusWright Inc. All Rights Reserved. 3
Airlines11%
Lodging7%
Other suppliers3%
Travel agencies28%
TMCs*13%
Online travel agencies7%
Wholesalers/tour operators
12%
Corporate travel managers
7%
Technology / payment solution providers
12%
More Than 1500 Travel Industry Professionals Surveyed
* Global – operational in 3 or more regions and includes some overlap, so the pie exceeds 100%.Base: Total – 1,523 respondentsSource: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
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PhoCusWright Special Project Deliverable (Payments Project): Final Draft March 25, 2013. Not for distribution.
© 2013 PhoCusWright Inc. All Rights Reserved. 4
Project Partners:Sponsors:
CyberSourceElavoneNett International Pty Ltd.GlobalCollect Services BVIxaris Systems Ltd.Mastercard WorldwidePayPal Inc.UATPU.S. Bank Corporate Payment Systems
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The State of Pay
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© 2013 PhoCusWright Inc. All Rights Reserved. 6
Base: Total – 1,244 respondentsSource: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
Conventional Methods Most Widely Accepted
All Respondents
Debit cards
Electronic funds transfer
Check
Credit cards
Cash
0% 20% 40% 60% 80% 100%
Already supported Not yet but planning to
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Source: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
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© 2013 PhoCusWright Inc. All Rights Reserved. 8
Base: Total – 1,244 respondentsSource: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
“Alternative” Methods Most Widely Accepted
All Respondents
Dedicated terminal payments
Alternative online methods
Closed prepaid cards
Pay‐by‐installment plans
Cash cards/cash‐on‐delivery (COD)
Virtual cards
0% 20% 40% 60% 80% 100%
Already supported Not yet but planning to
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A Mobile Payment Revolution…?
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Do you support mobile‐only payment methods?
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© 2013 PhoCusWright Inc. All Rights Reserved. 11
Supported Mobile Payment Methods – All Respondents
Total – 1,244 respondents, 323 travel suppliers, 178 travel wholesalers, 733 travel retailers and 190 technology providersSource: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
1%
2%
3%
12%
14%
12%
NFC‐based mobilepayment solutions
Mobile card‐swipeservices
Mobile paymentEFT services
0% 20% 40% 60% 80% 100%
Already supported Not yet but planning to
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Airline Channels and Payments
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© 2013 PhoCusWright Inc. All Rights Reserved. 13
Global* Airline Passenger Revenue by Region (US$B), 2010‐2012
*Canada, MEA not included.Source: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
27% 26% 27%
29% 29% 27%
31% 32% 33%
7% 7% 7%6% 6% 6%
2010 2011 2012
LATAM
Eastern Europe
APAC
Western Europe
U.S.
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© 2013 PhoCusWright Inc. All Rights Reserved. 14
Global* Airline Passenger Revenue by Channel (US$B), 2010‐2012
*Canada, MEA not included.Source: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
47% 46% 45%
17% 16% 16%
10% 10% 10%
26% 28% 29%
2010 2011 2012
Airline Website
OTA
Direct Offline/Other
Travel Agencies
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U.S. Airlines: Website Revenue by Payment Method
93% 2% 1%
4%
Source: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
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Source: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
46%
22%
13%
10%
5% 4% Credit Card
EFT
Debit Card
Cash/Check
OnlineAlternativeLoyaltyRedemption
APAC Airlines: Website Revenue by Payment Method
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Indirect Airline Sales: ARC and IATA/BSP
Sources: ARC, IATA and PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
Direct, 45%
Indirect, 55%
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© 2013 PhoCusWright Inc. All Rights Reserved. 18
Global ARC/IATA Payment Method Mix
Sources: ARC, IATA and PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape IATA 1
Card, 52%
Cash, 48%
2003
Card, 49%Cash,
51%
2011
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© 2013 PhoCusWright Inc. All Rights Reserved. 19
Global ARC/BSP Sales and CAGR by Region for 2003 and 2011
Sources: ARC, IATA and PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
13%
4%5%
14%
10%
19%
‐
10
20
30
40
50
60
70
80
90
100
APAC U.S. WesternEurope
MEA South/CentralAmerica
EasternEurope
CAGR (%
)
Sales (US$B)
2003 2011 CAGR
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© 2013 PhoCusWright Inc. All Rights Reserved. 20
57%
39%23%
13%1%
0%
43%61%
77%87%
99% 100%
South Korea Australia Japan India China Indonesia
Card Cash
IATA Card vs. Cash Sales by Select Countries, APAC, 2011
Sources: IATA and PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape IATA 6
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© 2013 PhoCusWright Inc. All Rights Reserved. 21
ARC/IATA Average Price per Transaction (US$) by Region, 2011
Sources: ARC, IATA and PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape IATA 4
$310
$460
$363
$891
$588$652
APAC U.S. Global
Cash Card
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Lodging: Pre‐ vs. Post‐
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Source: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
Merchant Agency
Lodging
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Has the Merchant Model Met Its Match?
Source: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
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© 2013 PhoCusWright Inc. All Rights Reserved. 25
Base – 708 travel retailers, 156 travel wholesalersSource: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
Pre‐Pay (Merchant) vs. Post‐Pay (Agency)
Intermediary Mix of Hotel Bookings by Contracting Model, by Region
MEA
Eastern Europe
Asia
LATAM
Western Europe
North America
0% 20% 40% 60%
Agency
Merchant
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Source: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
Merchant Agency
Intermediaries Hotels
Lodging
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“Is my client going to have a great experience?”
“Am I going to get paid?”
Source: PhoCusWright’s Travel Agency Distribution Landscape: 2009‐2013
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© 2013 PhoCusWright Inc. All Rights Reserved. 28
Percentage of Intermediaries with No Uncollected Hotel Commissions
Base – 658 travel retailers, 134 travel wholesalersSource: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
15%
17%
32%
47%
More than $1B
$100M‐$1B
$1M‐$5M
Less than $1M
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Wouldn’t you rather pre‐pay
in full?
Source: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
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Base N=73 hotelsSource: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
Three in Four Hotels Offer Pre‐paid on Websites
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Base N=73 hotelsSource: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
Pre‐paid Bookings Account for One in Five Website Reservation Dollars
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The Cost of Payment
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Electronic transaction fees
Global acceptance
Fraud
Unpaid/delayed
Staffing resources
PCI
The Cost of Acceptance:
Travel Website
Source: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
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© 2013 PhoCusWright Inc. All Rights Reserved. 34
Airlines: $7B Globally in Electronic Payment Fees
Sources: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape and IATA
OnlineAlternative
BSP/ARC Cash
EFT
Debit Card
Credit Card
1%
29%
6%4%
52%
Share of PAX RevenueShare of Payment Fees
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© 2013 PhoCusWright Inc. All Rights Reserved. 35
Total Fees Paid to Accept Electronic Payments by Method and Region (US$M), 2011
Note: Data excludes Canada and MEASources: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape and IATA
‐
500
1,000
1,500
2,000
2,500
3,000
3,500
U.S. EU APAC LATAM EE
Online Alternative
ARC/BSP Cash
EFT
Debit Card
Credit Card
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FraudCard FeesMobile Payments
Settlement Windows
Reconciliation
Global Currency Management
Taxes/feesNew Card Technologies/Standards
PCI
Travel Payments Concerns
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Airline Website Global Fraud Rate:
1.1%
Fraud rate here includes zeros – airlines who report no fraudulent bookings on their websitesSource: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
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© 2013 PhoCusWright Inc. All Rights Reserved. 40
Retailers: Methods Used to Track Hotel Commissions
Base – 657 travel retailers, 134 travel wholesalersSource: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
Use a commissionsettlement service
Run regular reports fromour accounting/back‐office system
Staff manually track all bookings,invoices and accounts receivable
0% 20% 40% 60%
Wholesaler
OTA
Trad. TravelAgencyTMC
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© 2013 PhoCusWright Inc. All Rights Reserved. 41
Staffing and Weekly Hours Spent on Payment Functions
Base: Total – 1,244 respondentsSource: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape
0
5
10
15
20
25
30
$1M‐$5M $5M‐$25M $25M‐$100M $100M‐$1B More than $1B
Travel Companies by Gross Travel Bookings
Weekly Hoursper Staff
Staffing(median)
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Electronic transaction fees
Global acceptance
Fraud
Unpaid/delayed
Staffing resources
PCI
The Cost of Acceptance:
Travel Website
Source: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape