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Standard Chartered and IATA to launch IATA Pay in India

Thursday 24 February 2022 10:37 CET | News

Standard Chartered has partnered with the International Air Transport Association (IATA) to launch IATA Pay in India.

IATA Pay, which is already available in several European markets, is an airline industry payment platform that brings optionality and convenience to consumers when purchasing tickets directly from participating airlines. The service leverages the Unified Payment Interface (UPI), a domestic real-time payments scheme in India, thereby enabling consumers to instantly pay for airline tickets from their bank accounts.

In addition to existing payment options such as credit cards, IATA Pay will be a new payment option that enables participating airlines to offer instant payment options such as UPI Scan & Pay and UPI Collect (Request to Pay). This new service will not only help participating airlines avoid bilateral integrations with multiple service providers, it will also eliminate the need to pay an acquiring fee to card acquirers.

IATA Pay in India is powered by Standard Chartered’s Straight2Bank Pay, a payment platform that helps online merchants digitalise collections via multiple payment options through a single global connectivity.

The launch of IATA Pay builds on Standard Chartered and IATA’s existing partnership to co-create an industry-wide payment solution. In 2021, the two organisations launched IATA EasyPay in India, a pay-as-you-go payment solution that streamlines the ticketing and settlement process among IATA-affiliated travel agents, member airlines, and IATA.


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Keywords: partnership, product launch, UPI, real-time payments, bank account
Categories: Payments & Commerce
Companies:
Countries: India
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Payments & Commerce






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