Mubasher: Emirates airline tested a new flight ticket payment method designed by the International Air Transport Association (IATA).
The first “IATA Pay” ticket purchase transaction was completed successfully on Tuesday, in partnership with UK-based fintech company ipagoo and in participation with Cathay Pacific Airways, Scandinavian Airlines, and Emirates, the IATA said in a statement.
The new system is a cheaper and instant-to-near-instant payment option that offers an "extremely high level of security", IATA highlighted.
“Today’s consumers, and especially millennials, have expectations of multiple payment options including mobile and peer-to-peer. IATA Pay responds to these expectations. At the same time, airlines are trying to manage significant card payment costs - $8 billion per year and rising,” said Aleksander Popovich, IATA’s senior vice president of financial and distribution services.
