Global banking group Standard Chartered said on Thursday it has partnered with the International Air Transport Association (IATA) to launch a payment platform for the airline industry in India.
In addition to existing payment options such as credit cards, IATA Pay will be a new payment option that will allow participating airlines to offer instant payment options such as UPI Scan and Pay and UPI Collect (Request to Pay) , Standard Chartered said in a statement.
The service, which is already available in several European markets, leverages the Unified Payment Interface (UPI), a national real-time payment system, allowing consumers to instantly pay for airfare from their bank accounts, he said.
He also said that after the launch in India, Standard Chartered would also support the rollout of IATA Pay in other markets.
IATA Pay in India is powered by Standard Chartered’s Straight2Bank Pay, a payment platform that helps online merchants digitize collections through multiple payment options through a single global connectivity, according to the statement.
“IATA Pay reflects our commitment and focus to driving payment innovation and creating solutions that are not only fit for purpose, but also deliver value to all participants in the payment ecosystem. our customers,” said Philip Panaino, Global Head of Cash, Transaction Banking at Charter Standard.
This new service will simplify the payment process for consumers, streamline the collection and settlement process for airlines, and enable IATA to provide an industry-wide e-commerce solution, it said. -he declares.
Standard Chartered said the new service will not only help participating airlines avoid bilateral integrations with multiple service providers, but also eliminate the need to pay acquisition fees to card acquirers.
As the industry rebounds in the post-COVID world, innovative and cost-effective solutions have become more important than ever. IATA Pay reinforces our goal of leveraging open banking and real-time payment solutions that will serve as a cost-effective alternative to conventional payment methods and bring efficiencies to how money is collected and settled, said Javier Orejas, Global Head of IATA Banking and IATA Pay.
The launch of IATA Pay builds on the existing partnership between Standard Chartered and IATA to co-create an industry-wide payment solution, the statement said.
In 2021, the two partners launched IATA EasyPay in India, a pay-as-you-go solution that streamlines the ticketing and payment process between IATA-affiliated travel agents, member airlines and IATA.
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