Efficient Innovations for Travel

Contactless Payments

Another important form of travel technology is the ability to accept contactless payments. This
will allow financial institutions to process payments much more quickly, including in situations where
customers do not have access to cash, or their credit or debit card. It can also enhance the customer
experience, because it saves more time. The availability of contactless payments started as a
convenience, but it has emerged as a key part of tourism marketing in the wake of the coronavirus
pandemic. With travelers nervous about the spread of the virus, many are reluctant to handle cash.
Contactless Payment gives us the privilege to pay anytime and anywhere without any difficulty most
especially during traveling. Analyzing the effect of contactless payment on cash usage is relevant for
three reasons. First, one of the main responsibilities of central banks is to provide efficient payment
services to ensure financial system stability. Second, central banks are the sole institutions that are
entitled to issue legal tender money. Third, the literature has shown that money demand might react
less sensitively to interest rates due to technological improvements in payment processing. And also, the
danger of face-to-face transaction during this pandemic times. Just as the pandemic has given way to
consumer demand for more payment options, it has also opened doors for payments innovation, so
financial institutions can get the most bang out of tomorrow’s inevitably contactless payments.

Virtual Reality (VR)

Virtual reality has been an emerging technology in a number of different sectors, but its role within
the tourism industry is especially significant. After all, it provides travelers with the ability to experience
far away locations from the comfort of their own home, and can be the difference in whether they
ultimately complete a booking. Using VR tours, customers can experience everything from virtual hotels
tours and restaurants, to landmarks, national parks or even specific activities. When someone says VR,
people usually imagined a gaming gadget but today, be sided being a popular trench gadget in the
gaming industry, virtual reality has also gained new dimension as a secondary source of income for tour
operators struggling with travel restrictions. The interactivity and immersion can also help to provide
you with a competitive advantage over rivals who are not yet making the most of these kinds of tech
trends. Most VR tours are now compatible with mainstream web browsers and can help those who are
reluctant to travel due to COVID to see the benefits more clearly.

References: https://www.revfine.com/technology-trends-travel-industry/?fbclid=IwAR02c_2d1Cbh-7EK-
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