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.
Frequently Asked Questions on Spendology and its service
Spendology is a team of innovators and entrepreneurs with proven track records in travel, financial services, foreign exchange and software development. Their mission is to help travel companies retain their share of the UK’s £13bn travel cash market by offering their customers mail order travel cash as an add-on service. By combining technology and distribution they are disrupting the decades-old domination enjoyed by the Post Office, supermarkets, department stores and banks.
What does Spendology do?
Spendology is the UK’s only fully outsourced travel cash service. They provide the technology, cash distribution and customer support for travel companies to sell travel cash via their retail and digital channels.
What is the business benefit for my travel company?
By offering travel cash, a travel company retains the extra margin that would otherwise go to the Post Office, bank or supermarket. And since most customers will buy foreign currency pre-departure anyway, it’s a quick win for the travel company. Mintel research shows that customers see travel cash as a travel product rather than a financial services product so it fits well within the travel offering.
How does it work?
Spendology provides each partner with their own fully-compliant white label digital travel cash website and mobile app featuring their logo and branding, and automated marketing tools to help build travel cash offers into existing sales channels. This allows them to make an extra profit on each order with very little effort and no risk. Travel companies retain ownership of the customer and have full control of the pricing policy for exchange rates and margins. Realtime performance data can be viewed 24/7 in the client portal.
How long does it take to set up?
Typically, a Spendology set-up can take between two to four weeks.
How can I find out more or sign up?
Contact Karen Gee, Marketing & Business Development Director of Spendology, firstname.lastname@example.org.