This week's Update features two stories detailing the role that online buy now pay later companies hope to have in the travel industry's recovery. Enjoy
("Booking Holdings to Repay $110 Million in Pandemic
Aid After Dutch Criticism About Bonuses,"June 4, 2021 via
Skift Travel News) (subscription may be required)
Last week, in a Securities and Exchange Commission filing, Booking
Holdings, Inc. announced that it plans to repay $110 million in
government aid ($78 million of which came from the Netherlands)
that it received during the pandemic. The announcement came after
the Dutch parliament had raised concerns about the compensation
packages that were paid to CEO, Glenn Fogel, and CFO, David Goulden
in 2020.
Trip.com Sells a Portion of its
Tripadvisor Holdings
("What's Going Wrong Between Tripadvisor and Trip.com
Group?," June 1, 2021 via Skift Travel News) (subscription
may be required)
Last week in a financial filing, Trip.com announced that it sold approximately
20 percent of its shares in TripAdvisor. No reason was given for
the sale, but the two parties described the sale and new commercial
agreements as a strengthening of the parties' strategic
partnership. One of these new agreements calls for
Last week in a financial filing, Trip.com announced that it sold
approximately 20 percent of its shares in TripAdvisor. No reason
was given for the sale, but the two parties described the sale and
new commercial agreements as a strengthening of the parties'
strategic partnership. One of these new agreements calls for Trip.com to provide
Tripadvisor preferential pricing on approximately 10,000 hotels
(the majority of which are in the United States) for use in
Tripadvisor's new subscription program, Tripadvisor Plus. Time
for those
Last week in a financial filing, Trip.com announced that it sold
approximately 20 percent of its shares in TripAdvisor. No reason
was given for the sale, but the two parties described the sale and
new commercial agreements as a strengthening of the parties'
strategic partnership. One of these new agreements calls for
Trip.com to provide Tripadvisor preferential pricing on
approximately 10,000 hotels (the majority of which are in the
United States) for use in Tripadvisor's new subscription
program, Tripadvisor Plus. Time for those Trip.com suppliers to watch carefully when and
how their properties might now appear on Tripadvisor
Plus.
Are Flexible Payment Options the Key to
the Travel Industry's Return?
("Is Buy-Now, Pay-Later the Future of the Travel
Recovery?," June 4, 2021 via Skift Travel News)
(subscription may be required)
Fintech providers, Fly Now Pay Later and Uplift, sure think so. In
each instance, the buy-now-pay-later company provides travelers the
opportunity to book airline tickets, hotel rooms, vacation
packages, etc. today, but pay later over time. London-based Fly Now
Pay Later currently has partnerships with travel brands Malaysia
Airlines, Kayak and Lastminute.com, among others. Another prominent
fintech provider, Uplift, has partnerships with several global
airlines (notably Lufthansa, United and Alaska Airlines) and every
low cost carrier in the United States (including the recent
addition of Southwest Airlines). Uplift offers travelers both
no-interest and simple interest options. American Express is also
entering this space with its "Plan It" feature, which
allows holders of its consumer cards to defer payment on airline
and hotel bookings made through
Fintech providers, Fly Now Pay Later and Uplift, sure think so. In
each instance, the buy-now-pay-later company provides travelers the
opportunity to book airline tickets, hotel rooms, vacation
packages, etc. today, but pay later over time. London-based Fly Now
Pay Later currently has partnerships with travel brands Malaysia
Airlines, Kayak and Lastminute.com, among others. Another prominent
fintech provider, Uplift, has partnerships with several global
airlines (notably Lufthansa, United and Alaska Airlines) and every
low cost carrier in the United States (including the recent
addition of Southwest Airlines). Uplift offers travelers both
no-interest and simple interest options. American Express is also
entering this space with its "Plan It" feature, which
allows holders of its consumer cards to defer payment on airline
and hotel bookings made through AmexTravel.com.
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