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the most popular payment methods among tourists

the most popular payment methods among tourists

Summer is a season in which payments increase thanks to trips, hotel reservations, dinners away from home, or the typical terraceo after the beach. Every year travelers modify their preferences when paying their bills, setting different trends. PaynoPaina Spanish technology company specializing in the development of online payment tools, analyzes the most popular payment methods among tourists.

During the holidays it is customary to seek absolute comfort, this is one of the reasons why many people try to take only what is necessary when they leave their hotel. Thanks to the new FinTech technologies, it is no longer necessary to carry your wallet, not even your card, since mobile payment is one of the most popular among those on vacation.

This year the tourist profile is classified by different characteristics: it is much more technological and seeks a comfortable and effective stay. They are more relaxed tourists, who book trips less in advance and spend more, but who also seek better quality services and, above all, who tend to avoid waitingboth those that elapse from when you book your trip until you leave, such as queues at receptions, airports or restaurants.

According to data from Bank of Spainin 2021 card payments were close to double those of cash. This method is still the favorite with a growth of 27% so far this year. Electronic payments are setting the trendaccording to the study Payments 2025 & beyond carried out by the consultancy PwCthis type of transaction will grow to 82% by 2030, and 61% between then and 2050.

“Comfort, simplicity and agility are the aspects that tourists value the most and the industry must have all the tools to facilitate this. The method of payment can become a decisive aspect when choosing the place to stay, eat or spend the day of vacation. The solutions offered by tourism companies to their holiday clients are a very large part of their work, at Paynopain we believe that nothing should be missing, that is why we continue to develop state-of-the-art solutions adaptable to all companies.”, he maintains Jordi Nebot, CEO and Co-founder of PaynoPain.

Convenience, speed and simplicity, these are the three characteristics that tourists look for in their payments. Paynopain analyzes the three most popular payment methods among tourists this summer and what makes them the most chosen:

  • biometric signature: There are several possibilities, the best known is the mobile as a means of payment, activated with facial recognition or fingerprint. However, there are devices with a camera that recognizes the physical characteristics of the client and, according to their gestures, approves the payment. In Spain, this technology has been implemented by banks such as Santander, which installed it in the cafeterias of its offices in Madrid, Barcelona and Alicante. Facial recognition is the most developed, but iris, fingerprint, palm, and voice recognition are also used.
  • Mobile and wearable accessories: the mobile has become essential for many, but also one of the most versatile tools for daily life and payment is no exception. Now it is also possible with other types of wearable accessories such as a smartwatch or glasses. In addition, most banks have an application that makes it possible to control and carry out the movements of all accounts from the mobile. However, for this to work, these devices must have an NFC payment system.
  • Bizum: more and more reservation websites include this method as a form of payment in their processes. In this way, users can make their reservations in a more agile, fast and secure way, since they have the guarantee of a secure and international payment method. In Spain, Bizum already has almost four million users and has the support of the most important banking entities in the country. What makes this payment method stand out from the others is that the money arrives instantly, regardless of the entity from which the transaction is made or the destination.

Payments in all its forms are advancing along with the needs of the people and over the last two years we have witnessed these technologies evolve fleetingly. In turn, they developed foundational tools like ChangeItPaynoPain’s electronic wallet, which offers users make payments in shops, cash withdrawals, P2P money transferspago billsrmobile phone charges or keep track of loyalty programsamong many other possibilities.

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