The payments industry is undergoing significant shifts, affecting travel and cruise sectors.
- Many payment processors have retreated from the travel sector due to perceived risks and economic challenges.
- UK-based fintech DECTA stands firm in its commitment to support the cruise and travel sectors.
- DECTA leverages its bespoke technology and risk assessment approach to maintain operations.
- Emerging payment technologies are reducing risks and gaining traction in the travel industry.
The payments industry is currently experiencing major transformations, particularly impacting the travel and cruise sectors. Many firms have scaled back their involvement, citing risks associated with the ongoing economic challenges such as inflation and remnants of the Covid-19 impact. Agencies and operators are thus grappling with limited options for reliable merchant services.
In contrast, DECTA, a UK-based fintech company, remains committed to supporting the travel and cruise industries. DECTA views the market’s scaling back as an opportunity to reinforce its presence, especially amidst the decrease in competitor activity. The firm declares it is experiencing a pivotal moment to expand its influence and services within this market.
DECTA differentiates itself through its bespoke service model, balancing the deployment of advanced technologies with personalised risk assessment. Founded seven years ago, the company operates its own payment processing centre from Latvia, allowing it to control its technological framework and risk appetite independently. This control equips DECTA to cater to the unique needs of their merchants, providing tailored solutions even during economic downturns.
Despite the challenges faced by the travel sector during the pandemic, DECTA maintained its travel portfolio without resorting to de-risking processes. The company’s approach is to assess each client’s risk individually, supported by vast data analytics, enabling them to remain robust during periods when others were pulling back from travel-related financial services.
DECTA’s forward-thinking approach is reflected in its adoption of emerging payment innovations such as open banking and bank-to-bank transfers through API connectivity. Although initially slow to gain momentum, these technologies are now proving beneficial in mitigating chargeback risks, a particular concern during pandemic-related travel disruptions.
DECTA’s strategic commitment to the cruise and travel sectors demonstrates its resilience and adaptability in a shifting payments landscape.
