Fintech represents “the last great mountain” for Booking to conquer as it aims to cut the “friction” out of booking overseas trips, said Daniel Marovitz, a senior vice president.
Add Booking Holdings Inc. to the list of e-commerce companies betting that a tighter control over the payments process will create a better experience for consumers—and a new revenue stream.
After initially operating in an “agency” model in which hotels would take the payments for rooms booked by customers, Booking has spent the past few years trying to get involved in the payment flow itself. Last year, 22% of bookings went through the company’s own payments platform, compared with less than 4% in 2017, and Marovitz expects continued growth going forward.
The company sees revenue opportunities in enhancing the payment experience through a variety of options for suppliers. “We want to make the pricing incredibly competitive because we’re doing it at great scale,” Marovitz said In terms of foreign-exchange, Marovitz is intrigued by ways that Booking can serve travelers from emerging markets with volatile local currencies. When people travel, they may make commitments to pay for trips that won’t take place for several months and they’re usually buying the trips in the currency of the hotel. “Four months from today, the trip could be 25% more expensive” for someone coming from an area with a volatile currency, Marovitz explained.
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