74% of Travelers View Digital Wallets as Essential Gear for Vacations [Video]

The travel and hospitality sectors have long been anchored in traditional payment methods, like cash and credit cards.

As consumers and employees voice their frustrations with outdated systems, adopting real-time payment solutions could revolutionize the industry.

The PYMNTS Intelligence report “From Trips to Tips: How Faster Payments Can Elevate Travel and Hospitality” revealed that improved payment methods can streamline operations and enhance the experiences for customers and staff.

Meetng Consumer Expectations with Instant Payments

A shift is underway, as 74% of travelers said they regard digital wallets as essential to their experience, specifically pronounced among affluent and millennial travelers, with use rates at 83% and 82%, respectively. Customers using digital wallets spend an average of $44 per visit at restaurants, more than the $33 spent by those using traditional payment methods. This trend reflects a broader consumer preference for seamless, efficient payment solutions that enhance the overall travel experience.

The demand for instant tip payouts in …