2024 Travel Payment Trends: Payment Security & Acceptance
6 Trends in Travel Payments
Global tourism spending is expected to reach pre-pandemic levels in 2024,1 but with consumers still navigating the post-pandemic surge in inflation, finding convenient and cost-effective payment methods while traveling is a top priority. With the increasing variety of payment options available, anticipating payment acceptance can help consumers feel confident about their travel plans.
To help merchants prioritize seamless and secure payment experiences for travelers, Discover® Global Network surveyed 1,800 consumers from every region of the world to ask about their past experiences financing travel and their future plans for travel spending. The results revealed six trends positioned to impact merchants as they look to attract business from the world’s travelers.
1. Cash remains important
Globally, the role of cash payments is changing. While the use of cash declined significantly during the Covid-19 pandemic, travelers still consider it essential. About half of the Discover Global Network survey respondents reported using cash for travel purchases while the other half only keeps it on hand to use for travel emergencies. Cash is most popular with Asian travelers—99% reported that they carry it for either purchases or emergencies. Only 6% of those surveyed responded that they do not carry cash at all.2
Q: Do you carry cash while you travel? Base: All respondents (n=1,800). Source: Payments, Priorities, and Pain Points: Travel Trends in 2024, survey commissioned by Discover Global Network, 2024.
2. Ease-of-use, deals, and security matter
Travelers today have many payment options to choose from. Our survey found a split between respondents who choose to pay for travel-related expenses in ways that give them the best deal and those who choose the payment method that is easiest for them. Those two priorities are closely followed by security. Additionally, our survey respondents reported a slight preference for using cash-on-hand (e.g., debit) to pay for travel-related expenses, rather than relying on credit or financing options like buy now, pay later.2
Q: Which of the following best explains how you determine which payment method to use when paying for personal (i.e., leisure) travel-related expenses? Base: All respondents (n=1,800). Source: Payments, Priorities, and Pain Points: Travel Trends in 2024, survey commissioned by Discover Global Network, 2024.
3. Travelers spend time researching acceptance
Many travelers use credit cards to pay, but 73% of our survey respondents have encountered credit card acceptance issues when traveling, and 42% reported that they’ve chosen not to make a purchase because their credit cards were not accepted. Since most travelers know that card acceptance is not guaranteed, 72% do at least a moderate amount of planning to ensure they will be able to use their preferred method of payment when traveling. 80% of those surveyed look for acceptance signage when deciding where to spend while exploring their destinations.2
Q: When traveling, do you commonly look for signage or other posted notices about methods of payment accepted at different places before you proceed to shop to make sure you are able to pay? Base: All respondents (n=1,800). Source: Payments, Priorities, and Pain Points: Travel Trends in 2024, survey commissioned by Discover Global Network, 2024.
4. North American travelers prefer credit cards
Our survey found that travelers from most regions of the world prefer to use debit cards to finance their travel, but for North Americans, credit cards are the preferred payment method. 58% of the North Americans surveyed responded that they rely heavily on credit cards rather than debit or cash, with only 43% and 40% preferring debit or cash.2
Q: What payment methods do you use to finance your business travel? Base: All respondents (n=1,800). Source: Payments, Priorities, and Pain Points: Travel Trends in 2024, survey commissioned by Discover Global Network, 2024.
5. Airline-branded credit cards are popular
Of the different types of branded, travel-specific credit cards, our survey found that cards from airlines are the most popular for financing travel. 15% of the consumers we surveyed who have travel-specific credit cards reported using airline-branded cards with 11% using other travel-specific credit cards. An additional 23% use non-travel-specific credit cards, or other credit cards that do not give them rewards for travel purchases. Airline-branded credit cards were most popular with Asian and North American respondents, compared to those from Europe and Oceanic countries.2
Q: What payment methods do you use to finance your leisure travel? Base: All respondents (n=1,800). Source: Payments, Priorities, and Pain Points: Travel Trends in 2024, survey commissioned by Discover Global Network, 2024.
6. Travelers don’t use all their rewards
43% of our survey respondents had a credit card that offers them travel rewards, but many are not using their points. Over half of the Millennials surveyed responded that they have a travel credit card, making them the generation most likely to use their rewards. International and intercontinental travelers are also more likely to have a travel rewards card than those traveling within their countries. However, of the consumers who said that they have a travel rewards card, only 54% indicated that they use those rewards to finance personal travel.2
Q1: Do you have a credit card that offers you travel rewards? Q2: What payment methods do you use to finance your leisure travel? Q3: What payment methods do you use to finance your business travel? Base: All respondents (n=1,800). Source: Payments, Priorities, and Pain Points: Travel Trends in 2024, survey commissioned by Discover Global Network, 2024.
Communicating card acceptance is key
Budgeting and card acceptance are critical aspects of the travel experience for consumers at every point in their journeys. People want to make affordable, reliable travel purchases that match their preferred payment methods, and they are placing greater emphasis on understanding payment acceptance as a critical aspect of a successful trip.
- (2024, January 19). International Tourism to Reach Pre-Pandemic Levels in 2024. UN Tourism. Accessed 11 March 2024 from www.unwto.org
- The Strawhecker Group. (2024). Payments, Priorities, and Pain Points: Travel Trends in 2024. Commissioned by Discover Global Network. Accessed 24 April 2024 from www.insights.discoverglobalnetwork.com
The information provided herein is sponsored by Discover® Global Network. It is intended for informational purposes, and is not intended as a substitute for professional advice.