Booking.com unveiled its fintech unit just three weeks ago aiming to remove friction from the travel process.
Until then the company had spent time talking up its payments platform and its significant role in the connected trip.
But the unit, led by senior vice president Daniel Marovitz, has loftier ambitions, not least to find potential new revenue streams for the business such as foreign exchange, while simultaneosly making it easier for suppliers to use its platform.
As part of the latest PhocusWire Pulse event, Marovitz describes the financial and payment pain that consumers and suppliers go through as the “last big mountain” and one that the company wants to climb.
He shares insight on the complexity of the payments landscape, the different lenses it can be viewed through and the need to understand different payment cultures.
Marovitz also touches on about why the company is getting into fintech now and why it needs to be a separate business unit.
The full interview is below...
PhocusWire Pulse: Progress In Travel Payments - Fintech as a service for travel brands