Air travel is complex.
And that complexity trickles down to nearly every customer and airline touchpoint — particularly airline refunds, a process that has become a pressing issue for travelers and airlines.
“Not only do you have a whole range of fare rules and ticket types, but you have various refund policies, including non-refundable or partial refund policies that you have to manage, you have a lot of government legislation, and on top of it all, you have a very complex payment ecosystem, meaning a lot of forms of payment, not just cards, but also things like Apple Pay and so on,” explained Kristian Gjerding, CEO of payment orchestration platform Cellpoint Digital.
This tangled landscape continually creates problems for airlines and often frustrates customers.
While there is no silver bullet to optimize payment refund operations, Gjerding explained that the best transformation airlines can make right now is to “automate as much as possible.”
“If you end up with a lot of manual processing, you are going to also end up with very unhappy customers and will see a loss of income and a loss of revenue,” Gjerding said.
The key, he added, is to “utilize sophisticated rules engines that are integrated into the airline subsystems in such a way that it leads to data integrity across multiple different systems.”
Still, that is a long way to go from where the airline industry is right now.
With many fare rules, ticket types, refund policies and government legislation at play, navigating the airline refund landscape can be a daunting task.
During the COVID-19 crisis, vouchers emerged as a predominant solution for airline refunds.
“[Vouchers] help airlines do a number of different things,” Gjerding told PYMNTS. “It retains the passenger within their ecosystem, and it’s easier to manage with the airline if they have the system to manage it. But from the passenger’s perspective, it has certain constraints. From the consumer perspective, they would probably like to see a refund of cash fast into the form of payment that they used.”
Airlines already face many different layers of complexity across the entire operational journey. That’s compounded from the traveler’s side by an increasingly complex payment ecosystem.
Gjerding explained that airlines should move “toward a very traveler-friendly environment, where you have a high degree of self-service” during the refund process.
“If you add in vouchers, it’s even more complexity, unless [the airline] already has a voucher system geared towards exactness,” he said. “… [T]here’s a big difference between a free drink voucher at the airport and a [flight] voucher with certain fair rules that is exchangeable for another voucher with similar fair rules.”
That is the main challenge that needs to be simplified.
And “payment orchestration is a core part” of streamlining the complexity, said Gjerding.
In the quest for a seamless and automated experience, airlines are exploring innovative solutions to enhance their voucher systems. One such solution gaining traction is the Universal Airline Travel Bank (UATB), which offers a comprehensive platform for voucher systems.
With its robust features, UATB has become the go-to solution for some airlines, enabling them to issue vouchers in various forms, including single-use credit card vouchers that can be used anywhere. Moreover, payment orchestrators are expanding their capabilities to meet the growing demand for voucher issuance, ensuring seamless integration with existing systems.
“Ultimately, [the ideal airline refund] is a self-service environment where the system just issues it straight to my mobile device or device of choice,” explained Gjerding. “And it either puts the money straight back into the payment I used, or if it’s a voucher for a delayed flight, it just gives me my hotel options or food options or a combination thereof.”
He added that today’s consumers and travelers are “pretty sophisticated” and capable of dealing with modern solutions to the airline refund conundrum that don’t require 16- or 20-digit credit numbers or sitting down in front of a computer.
“On a practical level, when airlines aren’t automating these processes, they are losing money because it is a waste of [human] resources,” Gjerding said. “It is a good thing to have automation and sophisticated capable systems that create a great user experience and that are future-proof.”
By leveraging payment orchestration, Gjerding said, airlines can automate their systems and ensure data integrity, creating a simplified and smooth experience for the traveler.
Cryptocurrency apps in the U.S. have surged in popularity due to factors such as the potential for profit, low transaction fees, and increasing user accessibility. These platforms allow users to trade cryptocurrencies easily, offering a decentralized, peer-to-peer model that reduces reliance on traditional financial institutions.
The ability to buy low and sell high has attracted investors seeking financial gains, while lower fees compared to traditional payment methods make these apps more appealing for online transactions. The increased acceptance of cryptocurrencies by businesses, along with advancements in blockchain technology, security, ease of use, and high liquidity, is fueling the belief that crypto could shape the future of finance.
PYMNTS’ Provider Rankings of Cryptocurrency Apps evaluate the performance of leading platforms based on factors such as user experience, transaction volume, security features and customer service. By analyzing consumer preferences and industry trends, these rankings provide insights into which apps are best meeting the needs of cryptocurrency users, and highlighting the platforms that offer the most reliable, user-friendly and innovative services.
No. 1 is Binance with 98 points.
Founded in 2017, Binance offers a range of services for new and experienced investors. The platform supports over 350 cryptocurrencies, including popular options like bitcoin and ethereum, along with niche altcoins. This variety, combined with high liquidity, ensures users can quickly execute transactions with minimal price slippage.
A key feature of Binance is its competitive fee structure, which includes discounts for paying with Binance Coin (BNB), making it attractive for frequent traders. The platform also provides advanced trading tools, such as charting and real-time data, and offers margin and futures trading. Its user-friendly interface, including a mobile app, makes it accessible to traders of all experience levels.
Security is a top priority for Binance, with multi-signature wallets, two-factor authentication (2FA), and a Secure Asset Fund for Users (SAFU) protecting funds and personal information. Binance also offers staking, lending and savings options for passive income, appealing to long-term investors.
No. 2 is Bybit with 91 points.
Bybit is accessible in over 180 countries and offers an intuitive mobile app that provides most of the desktop version’s features, making it convenient for users to manage their crypto investments anywhere. With access to more than 1,200 cryptocurrencies, Bybit allows users to buy, sell, and trade with ease, while offering up to 100x leverage for experienced traders looking to maximize potential profits.
Additionally, Bybit offers Bybit Earn, a feature that allows users to earn interest on their cryptocurrency holdings. This range of services and tools caters to beginner and experienced traders, making it a popular choice in the crypto space.
Tied for second with 91 points is Crypto.com.
Based in Singapore, Crypto.com offers a wide range of services including an app, exchange, DeFi wallet, and NFT marketplace, providing access to over 350 cryptocurrencies. The Crypto.com app allows users to buy, sell and track cryptocurrencies with more than 20 fiat currencies, offering features like price alerts, recurring buys, and TWAP bots to optimize trading. Users can also earn interest on their holdings, spend crypto through the Crypto.com Visa Card, and receive up to 5% cash back on purchases.
For more advanced traders, Crypto.com’s exchange supports over 200 cryptocurrencies, with spot, margin and derivatives trading options. It offers low fees and discounts for those who stake its native token, CRO. The platform also includes automated trading bots and emphasizes security with 2FA.
KuCoin and Coinbase round out the top five with 83 and 76 points, respectively.
Checking in tied at No. 6 with 74 points is HTX and OKX.
Nos. 8-10 comprise MEXC, Blockchain.com, and BTCC with 65, 62, and 54 points, respectively.