Airlines to launch payments system to rival credit card groups
A frontal assault on credit card companies is being launched by the global airline industry and Deutsche Bank with a new electronic real-time payment system for plane tickets that seeks to save carriers billions of euros in transaction fees. The new system for web-based ticket sales to individual passengers, which does not have a brand name yet, is scheduled to be rolled out across Europe from the end of 2018, with Germany as the first market. IATA estimates that the global airline industry’s payment processing costs add up to US$8b a year, with credit card companies such as Visa and MasterCard usually charging between 1% and 3% in fees. In contrast, the system developed by IATA and Deutsche Bank will charge a fixed fee which will be “a matter of cents”, said IATA. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2018-05-07/general/airlines-to-launch-payments-system-to-rival-credit-card-groups
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Airlines to launch payments system to rival credit card groups
A frontal assault on credit card companies is being launched by the global airline industry and Deutsche Bank with a new electronic real-time payment system for plane tickets that seeks to save carriers billions of euros in transaction fees. The new system for web-based ticket sales to individual passengers, which does not have a brand name yet, is scheduled to be rolled out across Europe from the end of 2018, with Germany as the first market. IATA estimates that the global airline industry’s payment processing costs add up to US$8b a year, with credit card companies such as Visa and MasterCard usually charging between 1% and 3% in fees. In contrast, the system developed by IATA and Deutsche Bank will charge a fixed fee which will be “a matter of cents”, said IATA. <br/>
