Scheduled to be completed in December 2021, Paysafe’s integration will serve to support IATA Financial Gateway’s (IFG) purpose of diversifying the range of payment methods available to airlines, travel suppliers, and the passengers they serve, as well as maximising payment acceptance and passenger revenue. Paysafe will provide a robust payment solution to IATA’s 290 airline members as well as non-member airlines throughout all sales channels and at every retail touchpoint on the passenger journey.
Air travellers wanting to pay for flight tickets, excess baggage fees, in-flight services, car rentals or hotel stays, among other payment needs, will be able to select Paysafe for frictionless online credit and debit card payments, with the transaction processed seamlessly via Paysafe’s own payment gateway. Passengers will also be able to choose from over 100 different APMs, including Paysafe’s Paysafecash online cash, or eCash, solution.
In addition, Paysafe will serve to mitigate the high-risk nature of ticket payments for airlines and travel suppliers with the Paysafe safeguarding model embedded in its travel solution. Innovating on the traditional payments approach where airlines’ liquidity is held by their acquiring banks to cover the risk associated with ticket transactions, Paysafe leverages third-party escrow solution providers to avoid imposing cash collateral deposits, or holdbacks, on airlines.
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