Event Recap: Mastercard’s Asia Pacific Travel Payment Forum – Navigating B2B Travel Payments in APAC

Last Updated on: September 12, 2024 at 9:46 am

TruTrip had the opportunity to attend the Asia Pacific Travel Payment Forum, an exclusive event bringing together industry leaders to discuss the trends and innovations shaping the future of travel payments in the Asia-Pacific (APAC) region. Hosted by Mastercard, the event featured deep dives into the economic outlook for travel spend, the future of payments, and key challenges in the industry.

TruTrip’s Participation

TruTrip’s Darren Riley had the honor of joining the panel alongside Coco He from Sunrate. Reflecting on the experience, Darren shared:

“Excited to have participated in Mastercard’s AP Travel Payments Forum in Hong Kong, where I had the opportunity to join an exciting lineup of industry experts and the chance to join a panel discussion with Coco He from Sunrate. We shared how Sunrate has been instrumental in helping TruTrip expand into new markets and streamline cross-border payments, while also diving into the unique challenges we face as a growing TMC.”

During the session, TruTrip highlighted how our partnership with Sunrate has enabled us to streamline our payment processes through automated, tailored virtual credit cards. These solutions help us navigate the complexities of hotel payments, reduce fraud risk, and manage cross-border payments more efficiently. Darren also noted:

“It was inspiring to see how partnerships between global players like Mastercard and innovative payment providers are not only supporting the travel industry’s recovery post-COVID but also making payments more secure and efficient. The discussions around the future of payments in the travel sector were incredibly insightful, and I’m looking forward to seeing how the landscape continues to evolve!”

Key Discussion Points from the Event

1. Major Challenges Travel Agents Face in Today’s APAC Economy
   The APAC region represents a massive $16 billion opportunity, projected to grow at a compound annual growth rate (CAGR) of 12.3% through 2030. However, its diversity and scale mean businesses must localize their strategies to meet the unique demands of each market. For new entrants like TruTrip, building trust and adapting to different regulations and consumer behaviors are critical. Fraud and slow technology adoption also remain significant hurdles.
2. Key Challenges of Managing B2B Payments to Hotels
   Trust is paramount when managing payments to hotels, especially with smaller, family-run establishments. Payment fraud continues to pose a serious threat to the industry, necessitating stronger, more standardized payment security solutions. TruTrip’s collaboration with Sunrate has helped mitigate fraud risks, but ongoing vigilance and better solutions for the receiving end of payments are needed.
3. Selecting the Right Payment Service Provider
   For TruTrip, automation, efficiency, and ease of integration are key when selecting a payment service provider. The ability to quickly generate virtual cards and maintain operational efficiency through seamless digital integration is essential to supporting our business’s growth. We also prioritize low-cost solutions that deliver high value without compromising service quality.

Learn More from TruTrip

If you’d like to learn more about how TruTrip is transforming business travel management and payments, feel free to reach out. We’re always excited to share our insights and expertise, and we encourage event organizers to invite us as speakers at future industry events to continue the conversation on the evolving travel ecosystem.