The hospitality sector across the world will be able to grow in various areas as iOL Pay has announced the launch of its eponymous platform. The company’s broad range of solutions has seen it secure deals, prior to launch, that enables it to be deployed across hotel properties in 37 countries from day one, across North America, Europe, Middle East, APAC and Africa.
The company has partnered with global financial services and fintech leaders in their quest to reimagine how hospitality businesses transact and manage payments.
Through 2022, iOL Pay, in conjunction with its strategic partners, will enable clients to manage over half a billion dollars in Total Processing Value (TPV) from across all of the platform’s revenue streams, which will grow over six times by 2023. Building upon this growth and pipeline of clients, iOL Pay aspires to become the first global hospitality fintech unicorn in the world in the next 12 months, while expanding its geographic footprint to reach 19 additional countries.
Faisal Memon, Founder and CEO of iOL Pay said, “As digitalisation has swept through the hospitality industry, consumer and B2B payment systems and processes haven’t advanced at the same pace. iOL Pay builds on our decades of experience, solving challenges of renowned hotel chains through future-centric and innovative technology and key strategic global partnerships.”
“As the world’s first multifunctional fintech platform for the hospitality industry, iOL Pay will simplify transactions, accelerate savings, and enhance revenue flows. The platform reduces fraud and chargebacks, streamlines management of cancelled bookings, whilst transforming the guest’s experience at multiple points in their online and offline interactions with the hotel,” he continued.
Every year, hotels worldwide process payments worth $1.45trillion. Focused primarily on the $450billion four and five star hotel category, iOL Pay will help unlock value-addition of ~$23billion as the sector experiences a post-covid-19 resurgence. The platform will provide hotels with a single automated payments solution, support global payment compliance and standards, improve cash flow and elevate guest experiences to encourage customer conversions.
Designed to create a seamless process, the iOL Pay platform also provides customers with a single unified solution, using its strategic partnerships which encompasses global payments, virtual cards, merchant wallets, remittances and FX. Putting hotels in control of the payment process, iOL Pay can act as a merchant of record, thereby removing a significant administrative burden from hotels by having one platform to manage all payments directly for hotel chains across their properties, franchisees and affiliates. iOL Pay will also create an industry-first revenue stream for hotels, giving them rebates on all digital payments made to suppliers.
Through its global integrations, iOL Pay’s pilot customers are able to achieve significant savings in fees and completely eliminate manual processing, creating a new benchmark for the hospitality industry. iOL Pay will also facilitate secure one-click booking integrated into hotel apps and websites, enhancing the guest experience while driving improved conversions for hotels.