The way tourists make payments abroad is undergoing a transformation. Fewer and fewer people are putting cash in their luggage and choosing cash instead Digital wallets and instant payment options.
This decision arises for various reasons, other than the convenience of having all the money in one place, Because it also allows them greater control and security over expenses during their trips and breaks.
The holiday season represents the period of greatest concentration of tourist movements, and this day carries with it great specialness. The idea of traveling with large sums of cash has been mitigated.
Travelers around the world prefer to pay with their mobile phones, backed by security, convenience and automatic currency conversion. According to a recent study conducted by PYMNTS Intelligence, a platform responsible for studying payment trends, 74% of travelers consider using wallets and digital payments a “essential” while travelling.
The reasons behind this decision are: access to real-time automatic currency conversions, Avoid additional fees from traditional banks and exchange offices and reduce the risk of theft or losswhere the capital remains digitally protected.
Additionally, users can instantly monitor their expenses, transfer money between travelers, or split bills in a practical way, creating a transparent and secure experience.
Added to this, this trend is heavily focused on younger users. According to the report, W82% of millennials and 83% of travelers with more purchasing power use digital wallets when travelingwhich shows a particularly high penetration in sectors that are accustomed to having this type of platform and making online purchases in their daily lives.
The digitization of payment methods also directly impacts the hospitality and tourism sectorwhere traditional payment systems are insufficient to meet the demand for speed and efficiency by tourists and employees.
The PYMNTS Intelligence report, conducted in collaboration with The Clearing House, reveals that 82% of industry professionals prefer to receive advice instantly through digital channels, With a satisfaction rate of up to 85% among those who already use these systems.
In sectors where tips are a key component of salary, these types of advances represent high-value solutions and have the potential to reduce employee turnover.
Ease of access to income and reporting of business expenses, coupled with the increasing offer of prompt reimbursement, helps attract and retain talent in the industry and contributes to the effective functioning of the global tourism chain.
Companies in this sector realize the importance of technology. 71% of hotels say guests see digital systems As tools that empower your experience.
However, 69% of companies still face obstacles in integrating these advances into their traditional infrastructure, causing operational delays and complexities.
A change in the method of payment also has an impact on consumption. Those who use digital wallets spend, on average, $44 per restaurant visit, compared to $33 spent by those who continue to choose traditional methods.
Sebastian Cecilis, CEO of Vesseo, a payment platform available in Latin America, said the numbers show that “digital wallets are redefining the relationship between tourism and finance, turning practicality into a new global norm. Traveling with physical money is no longer a necessity: it is increasingly a story of the past.”
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