MAP Newsletter - Winter 2024 - Flipbook - Page 9
ISSUE 58 | Winter 2024
Revenge Travel: people continue
to travel despite higher costs
Travel has surged post-COVID and there are no signs of retreating, despite
rising costs, but it hasn’t dampened the travel bug for Americans, a new Visa
survey shows. The latest edition of the Visa Global Travel Intentions Study
shows that while consumers are aware of rising costs, it hasn’t deterred
them from wanting to travel.
According to U.S. Travel Association’s recent Travel Price Index, travel costs
have increased 4.4%, and while most Americans surveyed by Visa (73%) are
aware of the increased costs, only 6% of plan to cancel or delay their travel
plans. Those in the Visa survey reported an average trip spend of $4,204,
with more than 60% of total spend purchases at destinations leading
travelers to budget more for on-site needs.
According to the survey of travelers abroad, digital wallets have become an
integral aspect of the travel experience for 74% of travelers, most prominent amongst affluents (83%) and millennials (82%). 85% of travelers used
their main domestic card internationally. Yet, cash is still preferred as a
payment method although it stresses travelers due to potential theft, cost
of currency conversion and leftovers. After a trip, our respondents reported
having an average of $40 in unused local currency and 24% of respondents
felt compelled to make a purchase because they had foreign cash leftover.
For those traveling domestically, relaxation and shopping were the top motivators for travelers. Dining is also high on the list with 60% of respondents
choosing casual dining options like street food and cafes over fine dining.
More than half of travelers visiting the U.S. in the survey (52%) plan to revisit
over the next year, especially those from South Africa, Canada and India.
Top visitor volume comes from Latin America, followed by Asia Pacific, with
most travelers booking accommodation and transportation less than three
months prior and local attractions around one month prior to embarking.
Visa News
Continued from page 5
Welcoming Team Visa to Paris. Team Visa athletes from around
the world attended the recent Team Visa
Summit in Paris for a two-day, creatorled content master class focused on
brand immersion and best practices for
how to tell their own stories within the
broader creator economy. Visa transformed a future site of Paris 2024 into a creator playground by tapping
into cultural touchpoints across art, technology, music, sport, fashion
and food. Guided by cultural influencers and best-in-class social
media creators, athletes learned to express themselves through these
passion points while also learning hands-on social platform tips for
elevating their personal brand and storytelling prowess.
Visa Completes Acquisition of Pismo. With the acquisition of
Pismo – a global cloudnative company providing
an all-in-one processing
platform for banking, payments, and financial markets infrastructure,
the combination of Visa and Pismo will provide clients with core banking and card-issuer processing capabilities across all product types
via cloud native APIs. Pismo’s platform will also enable Visa to provide
support and connectivity for emerging payment schemes and RTP networks for financial institution clients. The Pismo cloud-based platform
empowers firms to build and launch financial products rapidly, scaling
as they grow to have a broader audience while keeping high security
and availability standards.
Visa and Tech5 Partner for Digital ID-Based Payments.
Visa has teamed with biometrics
firm TECH5 to help build a digital
ID-based payment infrastructure and services on a national
level. According to the release, the partnership will see the companies
develop a blueprint for expanding card acceptance for government
disbursements and payment programs across all platforms, as well as
establishing financial literacy and digital inclusion programs. The two
firms say they are also working on a “roadmap for a SuperApp” and enabling Visa card credentials for citizens and non-residents via multiple
digital channels. Based in Switzerland, TECH5 offers biometric SDKs and
software platforms for contactless biometric capture and matching,
digital ID issuance and management.
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