worldwide banking group Standard Chartered has introduced the launch of a fee platform for the Indian airline business in affiliation with the International Air Transport Association (IATA, The platform known as IATA Pay will allow shoppers to immediately pay for airline tickets from their financial institution accounts. IATA Pay, which is already obtainable in a number of European markets, is an airline business fee platform that brings optionality, comfort, and an enhanced expertise to shoppers when buying tickets straight from collaborating airways.
The service leverages the Unified Payment Interface (UPI), a home real-time funds scheme in India, thereby enabling shoppers to immediately pay for airline tickets from their financial institution accounts. In addition to present fee choices akin to bank cards, IATA Pay will probably be a brand new fee choice that allows collaborating airways to supply instantaneous fee choices akin to UPI Scan & Pay and UPI Collect (Request to Pay). This new service won’t solely assist collaborating airways keep away from bilateral integrations with a number of service suppliers, but additionally eradicate the necessity to pay an buying charge to card acquirers.
IATA Pay in India is powered by Standard Chartered’s Straight2Bank Pay, a fee platform that helps on-line retailers digitalise collections through a number of fee choices by single world connectivity. In 2021, Standard Chartered and IATA had launched IATA SimplePay in India, a pay-as-you-go fee answer that streamlines the ticketing and settlement course of amongst IATA-affiliated journey brokers, member airways, and IATA. Following the launch in India, Standard Chartered will probably be supporting the rollout of IATA Pay in different markets.
Commenting on the launch, Philip Panaino, Global Head of Cash – Transaction Banking, Standard Chartered, mentioned, “We are proud to partner with IATA in launching this new service for the aviation industry in India. IATA Pay reflects our commitment and focus on driving payment innovation and building solutions that are not just fit-for-purpose, but also deliver value to all participants in our clients’ ecosystem. This new service will simplify the payment process for the consumers, streamline the collection and settlement process for airlines, as well as enable IATA to provide an industry-wide e-commerce solution.”Javier Orejas, Global Head of Banking & IATA Pay, IATA , stated, “We remain steadfast in our commitment to simplify the payment process and drive enhanced experience for airlines and air travelers. As the industry rebounds in the post-Covid world, innovative and cost-effective solutions have become more significant than ever. IATA Pay underpins our focus on leveraging open banking and real-time payment solutions that will serve as a cost-effective alternative to conventional payment methods and bring efficiency to how money is collected and settled.”