Technology has profoundly reshaped India’s travel industry, evidenced by 97 million passengers passing through Indian airports in Q1 of 2024—equivalent to what used to take a whole year just a decade ago. Seeing this transformative trend, travel companies are innovating with tech-driven solutions to enhance the experience for travellers. One such innovation in the digital payment space is the rise of app-based payment cards for international travel.
While payment preferences vary across markets, a recent survey indicates that 99 per cent of Indian travelers use cards (credit, debit, or prepaid forex card) when abroad. This presents a huge potential for technological advancements in this space, leading to the introduction of app-based payment cards that offer the same convenience as traditional cards with added benefits tailored to travelers’ needs.
The Ultimate Convenience of App-Based Payment Cards
The primary reason customers are gravitating towards app-based payment cards is the unparalleled convenience they offer. The hassle of buying different currencies for each country is a thing of the past. These next-gen app-linked cards allow users to load funds in multiple currencies and effortlessly switch between them through a sleek, user-friendly app interface. Users can monitor their balances in various currencies directly from the app’s interface. Additionally, these apps are packed with features such as seamless card management, real-time expense tracking, instant card top ups and refunds, nearby ATM locators etc. It’s like having a personal travel assistant in one’s pocket. It’s no surprise that the Millennials and Gen Z are highly attracted to this level of ease and efficiency.
Cutting Costs with Technology: The Smart Way to Travel
Traditional banks often charge huge mark-up on currency conversion making international travel more expensive. Technology, however, is changing this scenario by enabling users to get competitive exchange rates. For instance, app-based payment cards use advanced rate comparison engines to compare rates across numerous vendors, ensuring customers receive the best rates without having to spend time and energy comparing rates themselves. Additionally, real-time exchange rates or live interbank rates displayed on these apps ensure that travelers get the most transparent and accurate rates. This smart use of technology helps travelers save money and manage their travel budgets more effectively.Seamless Access to Funds Anywhere, Anytime
Running low on funds in a foreign country used to be a travel nightmare. However, when using an app-based payment card, travelers can easily load more money even while they are abroad digitally without any paperwork. This real-time reload feature associated with app-based payment cards gives cardholders great flexibility too. If their initial travel budget runs low, they can simply add more funds, ensuring they can continue enjoying their travels without the limitations of a pre-set budget. This eliminates the need to carry multiple travel cards or large amounts of cash.
The Indian short-haul mobility market is projected to reach USD 10 billion by 2025, and Hunch Mobility is strategically positioning itself to capitalize on this growth. The demands and expectations of High Net Worth Individuals (HNIs) have evolved significantly, with a growing emphasis on convenience and efficiency. Looking ahead, Hunch Mobility is focusing on piloted electric crafts, marking a significant step towards sustainable air travel.
Cutting-Edge Security: Protecting Your Finances on the Go
App-based payment cards come with high-tech security features. Beyond the usual chip and PIN protection, these cards when linked with the app offer advanced features like disposable virtual cards which can be used for making safe online payments. This is especially useful in countries where online payments happen without 2FA/ OTP verification. Additionally, the app allows users to lock or unlock their card and set limits in just a few taps. These features give you peace of mind and the freedom to explore without the constant worry of fraud.
The Future of Travel Payments
As technology evolves, we are seeing increasingly innovative solutions that simplify international travel payments. One promising trend is the use of Artificial Intelligence (AI). About 74 percent of enterprise-scale businesses in India have incorporated AI into their operations, according to a survey. This demonstrates a significant uptake that can be indicative of trends in AI use in consumer services including travel payment management.For example, AI-driven chatbots can assist travelers in managing their finances on the go, providing instant support and personalized list of recommendations with no need to search for the answer in FAQs or spend time chatting or speaking with customer agents. Such advancements will further streamline the international travel payment experience, making it more efficient and user-friendly.
