Singapore – October 23, 2024 – SUNRATE, a leading global payments and treasury management platform, has launched a new white paper titled “Navigating the Complexities of Cross-Border B2B Travel Payments: Practical Insights for Travel Intermediaries” at Travel Tech Asia 2024, the premier travel technology trade show in Asia.
The global online travel market is projected to generate nearly $600 billion in revenue in 2023, with expectations to exceed $800 billion by 2028, according to Statista. Online transactions are increasingly dominant, accounting for over two-thirds of total sales in the travel and tourism sector.
However, travel intermediaries—including online travel agencies (OTAs), tour operators (TAs), and travel management companies (TMCs)—often grapple with significant challenges such as high transaction costs, inefficient payment processes, security vulnerabilities, and the complexities of cross-border payments. These issues can substantially hinder profitability and operational efficiency.
Additionally, as some travel intermediaries begin to integrate payment solutions into their services, others must carefully choose their payment providers to avoid conflicts of interest and ensure the security of customer data.
Shawn Qin, Head of Credit Card Business at SUNRATE, stated, “We are excited to present this comprehensive white paper designed specifically for travel intermediaries. At SUNRATE, we recognize the unique challenges associated with managing B2B travel payments. Our aim is to offer practical and actionable insights to optimize payment processes, lower costs, and enhance efficiency. As an independent, all-inclusive payment service provider, SUNRATE is dedicated to safeguarding our customers’ interests and data.”
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