SINGAPORE - Risk of fraud remains the biggest payment concern among leading travel agents in the Middle East, a poll by eNett International reveals.
The poll was carried out by eNett at Travelport’s e-volve summit last week which took place in Istanbul, Turkey. The summit brought together over 100 of the leading travel agents and industry players from across the Middle East to discuss the latest trends in technology.
eNett’s polling showed 51% of the industry saw fraud as the biggest concern when it comes to payments, presenting a potential barrier to e-commerce. This was by far the biggest issue identified, followed by the time and resource used for manual payments and reconciliation (19%), card and FX fees (18%), and supplier default (12%). Findings also highlighted the strength of virtual card as an alternative to traditional card payments and cash, with more than half of the respondents already using Virtual Account Numbers or intending to adopt them in the near future.
eNett Managing Director and CEO, Anthony Hynes said, “With tourism experiencing high levels of growth, addressing the risk of fraud is a key focus for agents. VANs lower the risk of fraud by generating unique numbers for each transaction, and protect against supplier default through chargebacks for both domestic and international supplier payments.”
A VAN is an automatically generated MasterCard number used for supplier payments and can include payment parameters such as amount, currency, date and merchant, making it a more secure way to pay or be paid. Backed by the MasterCard guarantee and generating unique numbers for each transaction, eNett VANs provide protection against fraud and supplier default. Agents can also earn a rebate from the first transaction1, and benefit from automated reconciliation delivering significant efficiency gains.
1. VANs terms and conditions apply
