6 Payment Trends for Travel
The importance of cash payments is changing globally. Although cash use declined significantly during the Covid-19 pandemic, travelers continue to find it indispensable. Just over half of Discover Global Network survey participants said they use cash for purchases when traveling, while the other half only keep cash on hand for emergencies. Cash is most popular with Asian travelers: 99% said they carry cash for purchases or emergencies. Only 6% of respondents stated that they do not carry cash at all.²
Travelers today can choose from many payment methods. As we found out in our survey, some respondents always choose the cheapest payment method when traveling, while others prefer the easiest method. These two priorities are immediately followed by security. Survey respondents also indicated that they are more likely to use cash (including cards) to pay for travel expenses, rather than financing or credit options such as 'buy now, pay later'².
3. Travelers check means of payment acceptance
Many travelers pay by credit card; however, 73% of our survey respondents have had problems accepting credit cards while traveling, and 42% have been unable to make purchases because their credit cards were not accepted. Most travelers are aware that cards are not accepted everywhere and 72% at least ask in advance if they can use their preferred method of payment when traveling. 80% of respondents look for signs when shopping in their destination to see if cash payments are accepted.²
According to our survey, travelers from most countries prefer to use debit or bank cards for payments when traveling, with only North Americans preferring to pay with credit cards. 58% of North Americans surveyed said they rely heavily on credit cards, while only 43% and 40% prefer debit cards and cash respectively.²
5. Airline credit cards are popular
In our survey, of the various types of credit cards used to finance travel, airline cards were the most popular. 15% of consumers surveyed who use specific credit cards for travel have airline cards, while 11% use other travel credit cards. A further 23% use other, non-travel specific credit cards that do not offer rewards for travel purchases. Airline credit cards are most popular among respondents from Asia and North America, compared to respondents from countries in Europe and Oceania.²
6. Travelers do not take advantage of all rewards
43% of our survey respondents have credit cards that offer them travel rewards, but many do not use their points. Over half of respondents aged 20 to 50 (millennials) own a travel credit card, so this generation uses the most rewards. Of these, international and intercontinental travelers are more likely to have credit cards with travel rewards, while domestic travelers are less likely. However, only 54% of credit card holders with travel rewards use such rewards to finance private trips.²
Card acceptance information is crucial
Card acceptance and budgeting are crucial aspects for consumers at every point of their travel planning. Travelers want to shop affordably, reliably and with their preferred payment method. Acceptance is a crucial aspect of successful travel that is increasingly emphasized and valued.
The information contained herein has been sponsored by Discover® Global Network. It is provided for informational purposes only and is not intended as a substitute for professional advice. Here you can find the original article.
1. (January 19, 2024). International tourism will reach pre-pandemic levels in 2024. UN Tourism. Retrieved March 11, 2024
2. the Strawhecker Group. (2024). Payments, priorities and pain points: Travel trends in 2024. commissioned by Discover Global Network.
