Voxel Acquisition Latest Sign of Upheaval in Travel Payments
Photo Credit: Apple Pay is one of the newer forms of payment that travel companies need to accommodate. Apple
Skift Take
When they asked Willie Sutton why he robbed banks, he said, "Because that's where the money is." You could say the same thing about why the travel sector has had so much recent merger and investment in back-office travel payments.
Hotels, airlines, agencies, aggregators, credit card issuers, and financial technology companies are shaking up how they handle back-office payments. They've been rolling out new software and automated workflows to replace manual steps, cut costs for currency conversions, clamp down on fraud and defaults, and provide consumers with easier ways to buy trips. The latest sign of the upheaval is Voxel Group, a tech vendor for travel payments based in Barcelona, acquiring Troovo, a payments tech vendor in Sydney.
The companies didn't disclose on Wednesday the terms of the transaction. After the merger, Voxel's baVel Pay product expects to process a gross merchandise vo
