Travel & the Cost of Getting Paid

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MARKET RESEARCH • INDUSTRY INTELLIGENCE

PhoCusWright

Written and Researched by Maggie Rauch, Deepak Jain, Chetan Kapoor, Bing Liu and Douglas Quinby

Travel & the Cost

of Getting Paid

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About Elavon

Elavon (www.elavon.com) is wholly owned by U.S. Bancorp (NYSE: USB) and provides end-to-end payment processing solutions and services to more than one million merchants in the United States, Europe, Canada, Mexico, Brazil and Puerto Rico. Elavon’s suite of solutions is tailored to meet the needs of merchants in specialized markets including airlines and hospitality. Elavon’s Professional Services team works with global and large enterprise companies to help lower the total cost of accepting payments. Every pay-ments-related expense analyzed for efficiency and brought under manage-ment unleashes savings, affording businesses the freedom to: open new locations; expand to high-growth regions; redeploy human capital; invest in infrastructure, and return value to shareholders.

Learn more at www.3bigthings.elavon.com

About U.S. Bank

As a payments expert, U.S. Bank is uniquely positioned to help organiza-tions manage their Travel and Entertainment (T&E) costs, one of the largest variable expense categories. Its leading-edge solutions provide control over and visibility into transactions, reducing costs and improving oversight while mitigating fraud risk and increasing automation across the entire tiered travel payments and expense process.

U.S. Bank analyzes clients’ corporate-accounts data and supplier profiles to create a payment model that optimizes cash flow and drives down costs. The evaluation is based on the clients’ unique business needs, so recommendations address what specific changes organizations can make to achieve better bottom-line results. With the ongoing development of in-novative and emerging technologies, U.S. Bank meets clients’ needs today while anticipating what they might be tomorrow.

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About PhoCusWright

PhoCusWright is the travel industry research authority on how travelers, suppliers and intermediaries connect. Independent, rigorous and unbiased, PhoCusWright fosters smart strategic planning, tactical decision-making and organizational effectiveness.

PhoCusWright delivers qualitative and quantitative research on the evolving dynamics that influence travel, tourism and hospitality distribution. Our marketplace intelligence is the industry standard for segmentation, sizing, forecasting, trends, analysis and consumer travel planning behavior. Every day around the world, senior executives, marketers, strategists and research professionals from all segments of the industry value chain use PhoCusWright research for competitive advantage.

To complement its primary research in North and Latin America, Europe and Asia, PhoCusWright produces several high-profile conferences in the United States and Germany, and partners with conferences in China and Singapore. Industry leaders and company analysts bring this intelligence to life by debating issues, sharing ideas and defining the ever-evolving reality of travel commerce.

The company is headquartered in the United States with Asia Pacific opera-tions based in India and local analysts on five continents.

PhoCusWright is a wholly owned subsidiary of Northstar Travel Media, LLC. PhoCusWright Inc.

116 West 32nd Street, 14th Floor New York, NY 10001 PO Box 760 Sherman, CT 06784 +1 860 350-4084 +1 860 354-3112 fax www.phocuswright.com

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JANUARY 2013

Table of Charts

Figure 1 6

Travel Payment Concerns

Figure 2 7 Respondents by Industry Segment Figure 3 7 Respondents by Region Figure 4 8

Global Airline Passenger Revenue by Region (US$B), 2010-2012

Figure 5 9

Managing Agreements With Credit Card Payment Processing Vendors

Figure 6 9

Global Airline Passenger Revenue by Channel (US$B), 2010-2012

Figure 7 10

Airline Website Passenger Revenue by Payment Method, U.S. & APAC, 2011

Figure 8 11

Elements of the Cost of Acceptance

Figure 9 12

Global Airline Share of Payment Fees by Electronic Payment Method

Figure 10 12

Average Fraud Rate as a Percentage of Bookings on Their Own Websites in 2012, by Industry Sector

Figure 11 13

Intermediaries: Payment Methods Used to Settle Merchant Hotel Bookings

Figure 12 13

Retailer View: Payment Methods Used by Corporate Agency Clients for Booking Business Travel

Figure 13 13

Staffing and Weekly Hours Spent on Payment Functions

Figure 14 14

Types of T&E Expenses Paid and Reported Under Corporate Card Program

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Travel & the Cost

of Getting Paid

Written and Researched by Maggie Rauch, Deepak Jain, Chetan Kapoor,

Bing Liu and Douglas Quinby

Introduction

The global travel industry is facing sweeping changes, from the rapid ascent of global markets to the continued rise, especially in emerging economies, of online travel. Commercial models shift constantly, as airlines and hotels pursue a better direct link to consumers in the face of constant innovations from intermediaries in the online and mobile environments. Relationships among suppliers, intermediar-ies, corporations and travelers are in a state of flux as industry players seek the best way to increase or attain profits, while corporate travel managers seek to contain cost. At the same time, providers of all kinds have been refining their approach to merchandizing, looking to serve leisure and business travelers the right products at the right point in the shopping process. Increasingly, this includes unbundling pieces of the travel experience to sell as ancillary products.

These changes have introduced one disruption after another to the behind-the-scenes world of travel payments, as travel providers and intermediaries orchestrate the flow of money against this shifting backdrop. The rapid rise of consumer direct selling puts more strain on global e-commerce and payment systems; optimized consumer research and shopping tools challenge corporate travel by tempting business travelers to book outside of formal programs; globalization calls for a growing number of travel companies to develop a foreign exchange management strategy and the ability to process multiple currencies; high transaction fees con-tinue to lead some to look beyond credit cards to alternative forms of payment; the rise of ancillaries and sundry service fees further complicate the already sizable challenge of capturing all facets of corporate travel spend within corporate T&E programs; and supplier-intermediary relationships that are often fluid and compet-itive require players to design payment processing in the most efficient way possi-ble. New strategies are needed to manage the direct and indirect costs of payment processing in the present travel environment, and to equip travel sellers and corpo-rate buyers for the inevitable surprises that lay ahead.

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Perhaps the most visible component in payments today is the cost of accepting credit cards, in the form of transaction fees of which every merchant account holder is aware. But behind this highly visible cost lies a much bigger picture. Indeed, more travel companies see card fraud as a payments-related concern; 37% cite it as a major challenge (see Figure 1). And in addition to mitigating fraud, today’s suppli-ers need to navigate global currencies and operate efficiently with multiple forms of payment. The payments space is further complicated by the persisting preva-lence of manual processes in travel, and the increasing need to support ancillary sales, surcharges and other new products that do not always fit neatly into existing payment and expense systems.

This paper examines several key trends and the implications for travel organizations around payment strategies. It explores the following trends and challenges:

1. The effects of globalization and the rise of emerging markets 2. Shifts in the relationship between suppliers and intermediaries 3. The true costs of transaction fees, fraud and manual processing

Background and Methodology

This white paper is based on research and analysis conducted for PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Question: Which of the following would you consider to be major challenges with regard to managing payments for your organization? Select all that apply.

Base: 1,244 respondents

FIGURE 1: Travel Payment Concerns

0% 5% 10% 15% 20% 25% 30% 35% 40%

Credit card fraud Credit card fees for card not present Supporting new mobile payment methods Length of time between payment and invoicing Credit card fees for card present Processing manual payments Reconciling payments with invoices Chargebacks Currency conversion and management Takes too long for payment to be settled Tracking taxes and fees Managing multiple PSPs Supporting new card payment standards PCI compliance

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Landscape. The project provides a detailed analysis of payment processes across the travel marketplace covering airlines, lodging and travel intermediaries. A central component of the study was a quantitative survey of over 1,500 travel industry players – suppliers, retailers, wholesalers, technology providers and destina-tion marketing organizadestina-tions (see Figure 2). The survey was fielded between November 2012 and January 2013, through the following organizations: African Business Travel Association (ABTA), Association of Corporate Travel Executives (ACTE), Hotel Electronic Distribution Network Association (HEDNA), International Air Trans-port Association (IATA), Tnooz, Travel Trade Gazette (TTG) and WebInTravel (WIT). The survey reached a global pool of companies, with significant representa-tion across North America, Western and Eastern Europe, the Middle East, Asia, Central and South America, Africa and Australia/Zealand (see Figure 3).

In addition to the global survey, PhoCusWright inter-viewed industry executives representing travel compa-nies, industry associations, travel technology firms, travel management companies, payment processing compa-nies and providers of emerging payment solutions. PhoCusWright also partnered with IATA to analyze data from their global billing and settlement plans (BSPs) between 2003 and 2011, including total sales volume and

trans-FIGURE 3: Respondents by Region

Note: *Global companies operate in at least three of these regions; includes some overlap, so the total exceeds 100%.

Question: In which region does your company operate? Select one. Base: 1,523

Source: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Pay-ment Landscape.

Western Europe 22% 13% 11% 11% _10% _10% 13% 9% 5% 1% North

America EasternEurope MiddleEast Asia Africa Australia/New Caribbean Global* Zealand

Central & South America

FIGURE 2: Respondents by Industry Segment

Note: *Technology provider systems must handle booking and/or payment and settlement.

Question: Which of the following best describes your compa-ny? Select one.

Base: 1,523

Airlines 11% 7% 3% 28% 13% 7% 7% 12% 12%

Lodging Other suppliers Travel agencies TMCs OTAs Wholesalers Corporate travel managers

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actions (SCUs) and payment method (card or cash) by country and region. PhoCusWright collected data from Airlines Reporting Corporation (ARC) on sales and transaction data by payment method for the same period for the United States. PhoCusWright overlaid data from the industry survey and interviews with data from IATA, ARC and PhoCus-Wright’s existing market sizing data to develop aggregate projections of global and regional airline market size by payment method.

Growth and Change: Global Markets and Distribution Shifts

Trends in travel payments turn necessarily on inno-vations and developments across the broader global travel industry. One of the most crucial developments, with major implications for payments, is the rapid rise of developing economies to become a major force in travel. In terms of sheer market size, there have been dramatic shifts toward emerging economies. Latin America, Eastern Europe and the Middle East have all played parts, but the Asia-Pacific market leads the way. In the airline industry, in just two years, Asia-Pacif-ic has expanded to account for 33% of global airline passenger revenue, compared to 31% two years prior, while Western Europe’s market share contracted by two percentage points (see Figure 4).

As travel companies keep pace with globalization, extending their tentacles into rapidly rising emerging markets, they encounter myriad challenges in each market. Processing multiple currencies and accepting cross-border payments are just the tip of the iceberg. Each market has its own legal environment, payment processing structure and more widely used payment methods that may differ drastically from one country to the next. The vast majority of travel providers turn to payment service providers (PSPs) to help them navigate corporate and leisure travel payments in unfamiliar territory. Four in five use PSPs to handle payment processing functions from merchant account management to gateway connectivity to accepting multiple currencies.

For the biggest companies, one PSP is not enough. While companies of all sizes use PSPs, larger and global firms are the heaviest users of these services, often opting for a multi-vendor approach. Large companies are much more likely to have multiple PSP vendors or several agreements with merchant account providers and gateways (see Figure 5).

The rapid rise of Asia and other emerging markets is but one major market change. FIGURE 4: Global* Airline Passenger

Revenue by Region (US$B), 2010-2012

Note: *Canada, MEA not included.

2010 2011 2012 27% 29% 31% 7% 6% 26% 29% 32% 7% 6% 27% 27% 33% 7% 6%

U.S. Western Europe APAC

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Another is distribution, which continues to undergo important shifts with major implications for travel payments. Again the airline market is a telling example. With the dramatic shift toward online channels, airline websites in particular have gained

booking share at the expense of offline and traditional travel agency channels (see Figure 6).

Airline passenger revenue has grown significantly over the past three years, reaching nearly US$500 billion in 2012. So even while traditional agencies experience a decline in share from 47% to 45%, there is in fact real dollar growth across all channels. However, online channel growth is much faster, and airline websites are the fastest-growing of all.

This shift in favor of airlines over agencies is partly due to the success of low-cost carriers, which typical-ly follow a direct-ontypical-ly online sales model. However, many bigger legacy carriers have worked aggressively to grab channel share back from OTAs while continu-ing to shift bookers from offline to online channels. And in emerging markets, where online travel distri-bution is still relatively new, OTAs were early leaders in enabling and promoting online booking. Suppliers were slower to embrace e-commerce, and are just beginning to catch up.

Question: Which of the following statements best describes how you manage your agreements with differ-ent types of credit card paymdiffer-ent processing vendors? Base: 1,230

FIGURE 5: Managing Agreements With Credit Card Payment Processing Vendors

0% 10% 20% 30% 40% 50% 60% 70% 80% We use a single payment services

provider, which handles all payment and settlement We use more than one payment services provider We have agreements with multiple merchant account providers and payment gateways

Less than $1M $1M-$5M $5M-$25M $25M-$100M $100M-$1B More than $1B

FIGURE 6: Global* Airline Passenger Revenue by Channel (US$B), 2010-2012

Note: *Canada, MEA not included.

2010 2011 2012 26% 10% 17% 47% 28% 10% 16% 46% 29% 10% 16% 45%

Travel Agency Direct Offline/Other OTA Airline Website

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The rise of online travel has implications not only for the leisure market and di-rect-to-consumer selling. Corporate travelers are also leisure travelers, and increas-ingly expect to arrange their work travel online, but they must do so within the pa-rameters of their corporate travel programs. Travel suppliers and travel agencies that serve the corporate market must increasingly provide booking solutions that meet the expectations of service and functionality set by leading online travel agencies and supplier websites, while also providing the corporate policy rules and payment services that are central to larger corporate travel programs.

Distribution channels will continue to shift for years to come, and providers in both lei-sure and corporate travel markets will need to become more flexible to keep up with the pace of change and meet the varying payment needs of different markets. But the global growth toward direct online selling means airlines, hotels, travel intermediaries and other sellers must support not only global e-commerce, but also the wide vari-ance of buyer payment methods across markets. As more of the world’s travel markets come into their own, regional variance in booking and payment practices adds to the challenge of payment processing. Suppliers and intermediaries must determine how far to go in adapting their practice for each market.

The global aviation market offers an example of how regional patterns have been evolving. In the U.S., airline websites represented 34% of all passenger revenue in 2011, while in APAC, that share was much lower at 22%. Yet the mix of website reve-nue by payment method varies dramatically, with credit cards predominating in the U.S., but accounting for less than half of payments processed through APAC airlines’ websites (see Figure 7). Debit cards, electronic funds transfer (EFT), cash or check, and online alternative payments are a much bigger part of the picture in Asia. And within the APAC region itself there is remarkable diversity in payments, ranging from more

Sources: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Land-scape; PhoCusWright’s U.S. Online Travel Overview Twelfth Edition, November 2012; ARC; and IATA.

FIGURE 7: Airline Website Passenger Revenue by Payment Method, U.S. & APAC, 2011

Credit Card Debit Card Loyalty Cash/Check EFT Redemption AlternativeOnline

88% 46% 5% 5% 5% 10% 22% 4% 2% _1% _0% 13% U.S. APAC

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card-centric Australia, New Zealand and South Korea, to China, India and Indonesia, where cash and other methods drive travel payments.

As travel distribution extends more deeply into emerging markets, suppliers and intermediaries face constant decisions around when and how to offer a new payment method to better serve a country where consumer habits do not fit with the supplier’s current modes of sale. Each firm must conduct a careful review of necessary adapta-tions to both business and risk assessment models, and assess when investments in new technology and services are justified.

The Cost of Payments: Beyond Transaction Fees

In the fight to prevail over increas-ing competition, travel companies looking to improve profitability must always have an eye on the impact that booking and payment has on their bottom lines. The cost of accepting payments goes well beyond transaction fees, and encompasses both hard and soft costs that can quietly add up. Manning multiple countries of operation, the inevitable fraud, failed transactions, and regulatory compliance such as PCI directly affect the cost of payment (see Figure 8). And the impact on staff-ing resources to manage these various and disparate processes adds another and often untallied layer. This white paper examines several important costs of payment: electronic payment fees, fraud, manual processing and staffing and spend capture (or lack thereof) in corporate travel.

Interchange, assessments and merchant processing fees – the biggest and most measureable aspects of payment cost – are charged by payment processors whenev-er travelwhenev-ers use an electronic payment method. In 2012, electronic payments account-ed for 93% of global airline passenger revenue, and airlines paid nearly $7 billion in fees to process them. Credit cards account for the lion’s share, but BSP payments, debit cards, online alternatives and EFT all carry these fees (see Figure 9). The por-tion of fees that each payment method represents has as much to do with the size of the fees as with the share of passenger revenue that each method represents. Fraud is the number one payments concern among travel companies, cited as a priority by nearly two in five firms, more than any other payment-related issue. Its

FIGURE 8: Elements of the Cost of Acceptance

Electronic transaction fees Global acceptance Fraud Unpaid/delayed Staffing resources PCI

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effect is especially acute among online sellers such as OTAs and airlines, which have higher fraud rates, but also process the most online sales directly to travel-ers (see Figure 10). Larger firms (with $100 million or more in gross travel bookings) are more likely to be concerned, as are finance and accounting staff, those in the best position to gauge fraud’s impact. Com-panies active in emerging market regions including Latin America, Eastern Europe and Middle East/Africa are also more likely to see card fraud as a problem. Online fraud rates average 0.8% of website sales globally, but for large companies with a high percent-age of online transactions, the fraud rate can run even higher, climbing to more than 1%.

While much in the arena of travel payments has be-come automated and electronic, manual processes still persist. They introduce costs that are softer and far less measureable than fees, fraud and write-offs, but are substantial nevertheless. Manual processes exist in every

segment, even among the largest travel firms. In lodging, manual payment and settle-ment is very common with prepaid merchant bookings made through intermediaries. In merchant prepaid bookings (also sometimes referred to as wholesale or net rates), the agency (online or traditional) accepts payment in full from the traveler before departure. The agency then remits payment to the supplier. Manual billing and payment remain quite common in this arena, with approximately two in five intermediaries responding FIGURE 9: Global Airline Share of Payment

Fees by Electronic Payment Method

Source PhoCusWright’s Payment Unsettled: Cost, Opportu-nity and Disruption in Travel’s Complex Payment Landscape; ARC; and IATA.

89% 5% 4% 1% 0% EFT Debit Card Credit Card BSP/ARC Cash Online Alternative

FIGURE 10: Average Fraud Rate as a Percentage of Bookings on Their Own Websites in 2012, by Industry Sector

Question: What percentage of your company’s website bookings were fraudulent in 2012? (Please consider only chargebacks or cancelled payments as a result of fraud, and not all chargebacks.) Select one.

Total Airlines Lodging OTA Travel TMC

Agencies Other Travel Suppliers 0.8% 0.5% 0.5% 1.1% 1.1% 1.1% 1.2%

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Manual payment methods are also widely used in the corporate travel marketplace. Nearly half of travel management companies – agencies that focus on the corporate travel market – re-port that their corporate clients typically use direct billing with manual payment; 31% report that they use cash or check (see Figure 12).

FIGURE 11: Intermediaries: Payment Methods Used to Settle Merchant Hotel Bookings

Question: What payment method does your company usu-ally use to settle payments with hotels for merchant (net rate) bookings? Select up to three. Base: 592 travel retailers, 159 travel wholesalers

Credit card 57% 38% 38% 31% 44% 25% 25% 7% 4% 43%

Direct billing with manual payment Direct billing with automated payment Automated payment without billing Virtual card or virtual account number

Retailer Wholesaler

FIGURE 12: Retailer View: Payment Methods Used by Corporate Agency Clients for Booking Business Travel

Question: What payment methods do your corporate clients typically use? Select up to three.

Base: 159 travel management companies

Credit card Cash or check Lodge card 63% 48% 42% 31% 31% 27%

Direct billing with manual payment Direct billing with automated payment

Employee personal credit card

FIGURE 13: Staffing and Weekly Hours Spent on Payment Functions

Base: 1,244 respondents

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 Hours per Staff Staffing (median)

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The impact on travel companies is sizable, as many devote substantial staff resources to processing payments. The mean average across all respondents is 12 staff per firm, each spending some 20 hours a week. However, the impact of staffing ramps up sig-nificantly in accordance with company size (see Figure 13). Travel firms cited invoice reconciliation and manual payment processing as the two biggest demands that pay-ment processing makes on staff resources. Corporate travel program managers must take into consideration the impact of manual payment processing within their own costing. The still widespread use of manual processing across the travel industry In the corporate travel arena, the key word is capture: keeping employees’ travel spend within the corporate card and expense management programs to ensure the activ-ity is tracked and managed. As soon as employees use points of sale and payment methods that fall outside of these travel management processes, manual data entry enters the equation, with all of its attendant cost and impact on efficiency.

While corporate travel buyers may not pay payment and settlement costs directly in the way that travel providers with merchant accounts do, they do fund the cost of payments in several ways. And the efficacy of their corporate card programs can have a substantial impact on the effectiveness of their travel management program overall. A majority of corporate buyers say air, hotel and car rental bookings are mostly captured on their corporate card programs (see Figure 14), but other expenses largely go uncaptured. Ground transportation, meals, entertainment and travel supplier ancillaries are often paid for through other means, and the data connected to them must be added manually. That intervention carries costs and creates challenges in collecting and analyzing data that could be used to make smarter decisions around corporate program design.

Question: Please indicate to what extent the following types of T&E expenses are paid for and captured through your organization’s corporate card program? Select one for each row.

Base: 99 corporate travel managers/buyers

Source: PhoCusWright’s Payment Unsettled: Cost, Opportunity and Disruption in Travel’s Complex Payment Landscape. FIGURE 14: Types of T&E Expenses Paid and Reported Under

Corporate Card Program

Flight bookings Employees who travel frequently Hotel and car rental bookings Airline ancillary fees Employees who travel infrequently Meals and entertainment Taxi and ground transportation Per diem expenditures Non-employee travelers Petty cash Employees who decline corporate card

Completely or mostly captured Somewhat captured

Slightly or not at all captured Not applicable/do not purchase or use

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In recent years, travel suppliers have sought new revenue streams and ways to pass on costs to consumers. They are increasingly unbundling their services, charging for things such as exit row seats for air travelers or in-room Internet access for hotel guests. Three in five corporate buyers report that tracking and reporting on ancillar-ies is a major hurdle for their travel management programs.

Some suppliers have also begun issuing surcharges to cover a number of expens-es, including credit card merchant fees. Nearly half of all airlines and more than half of travel agencies charge surcharges for payment by credit card, and slightly fewer airlines do the same for GDS bookings (which agencies may pass through to custom-ers). Travel companies often present these to the end traveler as service fees.

Summary: The Cost of Not Getting Paid

If recent changes in travel distribution have revolutionized travel for consumers, they have been even more impactful on the distribution chain, from suppliers to interme-diaries and, in the case of corporate travel, the end corporate buyer. The ability to iden-tify opportunities in the booking and payment process, while mitigating cost and risk, is becoming an increasingly central strategic priority.

Today’s global travel providers should take a measured look at practices that exist market by market, understanding where their product offerings are compromised by the wrong approach to booking and payment. As global markets and new points of sale ascend, suppliers and intermediaries alike must consider a wider range of pay-ment needs across leisure travelers and corporate buyers. As markets expand and new strategies emerge, efficiently minimizing fraud will require constant monitoring. A disciplined approach is needed to control the much more elusive costs of staffing and resources, exacerbated by manual payment processing. And new solutions are re-quired to improve corporations’ capture of payment data amid a sea of ever-changing offers, ancillary products and additional fees.

The current unsettled state of bookings and payment in the travel industry creates challenges for growing companies, but presents opportunities as well. Those that can manage the increasing complexity while minimizing their own costs will be one step closer to claiming a greater piece of the growing online travel pie.

Travel & the Cost of Getting Paid

PhoCusWright

Travel & the Cost

of Getting Paid

About Elavon

About U.S. Bank

About PhoCusWright

JANUARY 2013

Table of Contents

Table of Charts

Travel & the Cost

of Getting Paid

Written and Researched by Maggie Rauch, Deepak Jain, Chetan Kapoor,

Bing Liu and Douglas Quinby

Introduction

Background and Methodology

Growth and Change: Global Markets and Distribution Shifts

The Cost of Payments: Beyond Transaction Fees

Summary: The Cost of Not Getting Paid

z

PhoCusWright thanks our partners and sponsors for

PhoCusWright’s Payments Unsettled Special Project

Without their active support, this research would not have been possible.

PARTNERS

African Business Travel Association (ABTA)

Association of Corporate Travel Executives (ACTE)

Business Travel News (BTN Group)

Hotel Electronic Distribution Network Association (HEDNA)

International Air Transport Association (IATA)

Pacific Asia Travel Association (PATA)

Tnooz

TTG Digital

WebInTravel (WIT)

SPONSORS

CyberSource

Elavon

eNett International Pty Ltd.

GlobalCollect Services BV

Ixaris Systems Ltd.

Mastercard Worldwide

PayPal Inc.

UATP