Accelerated rebound in passenger travel
propels global economic growth
WASHINGTON, June 6, 2023
/PRNewswire/ -- New internal data from global payment network UATP
indicates that business travel is well on its way to a full
recovery, defying some predictions that it would take until at
least 2024 for a complete comeback. Leisure travel has also
regained its full strength, showcasing a robust resurgence in the
sector.
"UATP has reached 95% of 2019 volume levels for corporate travel
in 2023, while leisure travel, as indicated by our AFP volume
levels, shows growth well over 100% within the same period," says
UATP President and CEO Ralph
Kaiser.
These insights into the state of travel were captured through
UATP's proprietary technology, providing a comprehensive
understanding of corporate travel demand through the company's
global transaction processing system, ATCAN. As a leading provider
of payment solutions for corporate travel, UATP holds a unique
advantage in collecting and analyzing this data effectively.
Similarly, UATP's patented Ceptor® technology plays a
crucial role in enabling airline merchants to seamlessly process
alternative forms of payment (AFPs), such as PayPal, digital
wallets, or Buy Now Pay Later options, transactions which are
primarily used by leisure travelers. With UATP's widespread
acceptance across the globe, its data serves as a reliable
indicator of overall air travel volume and demand.
UATP's findings are well-supported by external sources,
including IATA, which predicts that the industry will return to
profit during 2023 and reports that as of March, global traffic is
now already back at 88% of March 2019
levels. "This is fantastic news for the airline and broader travel
industries, as well as overall economic growth, which relies on
travel connectivity," added Kaiser.
Through its global payment network, UATP reaches 95% of
available scheduled airline seat kilometers and is a key player in
facilitating the growth of travel purchases globally, not only for
core seat revenue but also ancillary revenue.
"Airlines that struggled during the pandemic are now facing
inflationary challenges. To succeed, they need to expand their
product base through new partnerships and revenue streams. Our
payment solutions are an easy and cost-effective way for them to
offer their customers a suite of convenient payment options for an
almost limitless array of products related to the travel journey,
thereby positioning them for success in the current travel boom,"
said Kaiser.
For more information about UATP and its payment network or to
speak with a UATP company executive, please contact Wendy Ward, Chief Marketing Officer, at
wward@uatp.com.
ABOUT UATP
UATP is a global payment solution owned and operated by the world's
airlines and accepted by thousands of merchants for air, rail and
travel agency payments. UATP connects airlines to Alternative Forms
of Payment, which can expand reach and generate incremental sales
globally. UATP offers easy-to-use data tools, DataStream® and
DataMine®, which provide comprehensive account details to Issuers
and Corporate Account Holders for accurate travel management.
Accepted as a form of payment for corporate business travel
worldwide by airlines, travel agencies and Amtrak®; UATP accounts
are issued by: Aeromexico; Air Canada (TSE: AC); Air China; Air New
Zealand (ANZFF.PK); Air Niugini; American Airlines
(NASDAQ: AAL); APG Airlines; Austrian Airlines; Avianca
Airlines; BCD Travel; China Eastern Airlines (NYSE: CEA);
Delta Air Lines (NYSE: DAL); EL AL Israel Airlines; Etihad
Airways; Fareportal; Frontier Airlines; GOL Linhas Aereas
inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4); Hahn
Air; High Point Travel; Japan Airlines (9201:JP); JetBlue Airways;
LATAM Airlines; Link Airways; Qantas Airways (QUBSF.PK); Shandong
Airlines; Sichuan Airlines; Southwest Airlines; Sun Country
Airlines; TUIfly GmbH; Turkish Airlines (ISE: THYAO); United
Airlines (NASDQAQ: UAL) and WestJet. AirPlus International issues
the UATP-based Company Account for Lufthansa German Airlines.
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SOURCE Universal Air Travel Plan, Inc. (UATP)