London,
13
May
2021
|
10:26
Europe/London

TWO-THIRDS OF CONSUMERS STILL PREFER CASH OVERSEAS, NEW RESEARCH FINDS

  • Mintel’s 2021 Travel Money Report Finds 68% prefer Travel Cash
  • Spendology offers travel agents and tour operators white label tech to boost profit margins

Despite the falling use of cash at home, two-thirds of consumers who plan to travel within the next two years, still plan to take travel cash, Mintel’s 2021 Travel Money Report has revealed. Brits strongly prefer cash above all other forms of payment including debit cards, credit cards and currency cards. As Britain kicks off international travel, Spendology, the mail order travel cash service, is alerting the travel industry to the profit-boosting opportunities provided by its white-labelled options.

By combining technology and distribution, Spendology, which has been helping the travel trade retain their share of the UK’s £13.7 billion travel cash market for three years, is successfully disrupting the foreign currency market. Spendology is the only company to offer a white label mail order travel cash service with delivery to any UK address. The service allows travel companies to make an additional margin on each currency order, with the service itself fully outsourced to Spendology for order processing, payment, fulfilment, delivery and customer support.

Last summer, the FinTech launched the COVID-conscious Clean Currency® product. Sealed bundles of brand new, completely sterile banknotes give peace of mind and reassurance to nervous travellers.

Mintel is predicting that pent up traveller demand will also prompt a recovery in the travel money market. Over the next five years, Mintel predicts that the value of Brits’ spending overseas will return to growth, and expenditure is forecast to treble between 2020 and 2022.

The Mintel Travel Money Report also revealed that 58% of those planning to travel would arrange currency within two weeks of their departure date and as Britain is expecting travel restrictions to start to lift from 17 May, now is a good time for travel companies to start to implement effective strategies to maximise profitability. Set-up for the Spendology system can take from as little as two weeks.

Karen Gee Marketing & Business Development Director said: “While there has been a significant shift towards contactless and card payments during the pandemic at home, this is not being mirrored for overseas holidays with Brits still firmly choosing travel cash over every other form of payment. With travel businesses now looking more closely at their P&L, Spendology’s compliance-ready mail order travel cash service can help boost their passenger margins and improve the profitability of each booking.

“Our digital, white label travel cash service is a quick win for any company involved in overseas travel, improving passenger margins with no risk and virtually no effort.”

This year larger businesses with established digital teams will also be able to use the Spendology software to sell currency via price comparison sites and on social media.