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Payments session at Elevate

The future of payments

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Discover some of the latest trends in the ever-evolving world of payment solutions and what they mean for you

At our recent partner event, Elevate 2022, Booking.com’s Vice President of Fintech Risk Products, Abhijit Prasad, gave an insightful talk on the future of payments.

Here are some of the key takeaways he shared on the current world of payments, as well as some insights into the work we’re doing to try and help you make the most of these trends.

Accepting local payment methods remains vital

Payments by Booking.com already accepts around 250 different local payment methods, and Prasad shared that we’ll be adding even more in the coming months. This will ensure even more bookers can use their preferred payment method when booking your accommodation.

When asked about cryptocurrencies as a payment method, Prasad responded that “we aren't seeing enough use for these to be considered a mass-market payment method yet.”

It may take many years for cryptocurrencies to reach this mass-market status, if at all, so for now there are plenty more payment methods we’re investing in first that could have a greater impact on your reach and conversion.

Wallets and Rewards can boost loyalty

Over on the customer side, we’re continuing to expand Booking.com’s own Wallets and Rewards programme to reward bookers and motivate them to book and return more. 

When you opt in to Payments by Booking.com, guests will automatically be able to spend their wallet credits on your property – making your listing even more attractive to guests who have wallet credits to spend. This benefit is offered at no extra cost to you and doesn’t impact your payments and cash flow.

Woman paying with phone

 

Customers increasingly expect flexibility 

As bookers come to expect greater flexibility in how they pay, they also expect greater flexibility in when and in what currency they pay. During the session, Prasad shared some of the work the team is doing to improve flexibility of payments for bookers.

For instance, this could be offering bookers buy-now-pay-later and installment options without impacting on payments to partners, as well as the ability for bookers to pay in their own currency. Providing these solutions to customers could help you to stand out, attracting more bookings as a result. 

If you have opted in to Payments by Booking.com, these solutions will be automatically available to eligible customers booking your property. 

Fraud protection remains an important concern

Fraud is a constant threat in any payment system, which is why we’re constantly investing in this area, including adopting machine learning, to reduce such risks.

Prasad also highlighted that one of the real advantages of using Payments by Booking.com is that fraud and chargeback issues essentially get passed on to us, providing you with additional peace of mind.

 

Woman paying at hotel reception
Everything you need to know about payments

Find out more about how our payment solutions work on Partner Help.

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Topics
Takeaway
  • Payments by Booking.com already accepts around 250 payment methods, and will be adding more in the coming months
  • Customers increasingly expect flexibility, but that doesn’t have to adversely impact partner payments 
  • Offering Wallets and Rewards for customers can help to drive additional demand and loyalty 
  • We’re continuously investing in security tools for our payment solutions – such as machine learning – to help keep your business safe