The travel industry is set to grow exponentially in the coming years. According to India Travel Market Report, the Indian travel market stood at over $19 billion in 2021 and is expected to cross $40 billion by 2025. With a CAGR of about 10% its a highly fragmented market right now. Hence, there are ample opportunities for new players in the booming market. One of the major reasons for travel industry growth is – AFFORDABILITY.
Providing affordable payment options to customers enables them to plan elaborate travel itineraries using EMI options, especially Tier 2 and 3 city-dwellers.
As per reports, 5 in 10 people are now choosing EMI as their preferred payment option.
PayU is the preferred payment partner for most major travel players
Over 10+ online travel aggregators are integrated with PayUs Affordability Suite currently. PayUs integration has helped them clock a ~30% month-on-month GMV growth just via EMI options in 2022. Owing to the present affordability trends, travel brands are actively opting for EMI and BNPL options. This will not only help them increase conversions but also fuel growth.
For instance, India’s biggest travel aggregator, with an average monthly traffic of 45 million, has shown continuous growth in GMV of 25% (month-on-month) using EMI options under PayUs Affordability Suite.
Other PayUs products leveraged by OTAs
With PayU’s Affordability Suite, India’s top OTAs enjoy the highest coverage of EMI options. This includes credit card EMIs from 17+ banks, debit card EMIs from 6+ banks, cardless EMIs from 6+ providers, BNPL offers from 5 partners, and no-cost EMIs.
In addition to these, PayU also provides best-in-class API solutions. PayU also offers an Affordability widget that enables our OTA partners to provide a frictionless customer experience on their websites or apps.
These include:
| PayUs Affordability Suite offerings | Descriptions |
|---|---|
| Native OTP APIs | Captures the OTP on the merchant’s site without redirecting the customer to a bank website. This helps increase success rates by up to 5%. |
| Eligible BIN API | Helps you identify the issuing bank of the card bin & the minimum eligible amount for the bank. |
| Check Pre-EMI Eligibility API | Helps check the eligibility of Debit Card EMIs using customers’ phone numbers. This too helps improve transaction success rates. |
| No Cost EMI Integration | Helps convert high-ticket transactions by providing customers with zero interest EMI options. |
| Offer Engine | Allows merchants to create and monitor a wide range of offers across different payment modes on a self-serve dashboard. |
Click here to learn more about the product offerings.
PayUs Affordability Suite has helped players in the travel industry unlock a new level of growth. Moreover, PayU is continuously supporting them with the best-in-class product offerings.
You too can power your travel business with PayUs Affordability Suite in just three simple steps. Click here to learn how.
