The Indian travel industry is witnessing exponential growth. According to the India Travel Market Report, the Indian travel market is estimated to be over USD 19 billion in 2021 and is expected to exceed USD 40 billion by 2025. Currently, the market is growing at a CAGR of around 10% and is highly fragmented, thus providing ample opportunities for emerging players. The major reason for the growth of the travel industry is - affordability. :- www.deekpay.com

By providing payment options such as instalments to consumers, especially residents of Tier II and Tier III cities, it enables them to make exhaustive travel plans in a more economical manner. According to the report, 5 out of 10 people now choose instalments as their preferred payment option.

PayU Becomes Preferred Payment Partner for Largest Travel Businesses

More than 10 online travel aggregators integrated with PayU's affordability suite. With PayU's integration, these aggregators have achieved an average monthly gross transaction growth of around 30% in 2022 through instalment options alone. Due to the current affordability trend, travel brands are actively opting for instalment and buy now pay later options. This is not only helping to increase conversions but also driving growth.

For example, India's largest travel aggregator, with an average monthly traffic of 45 million, has achieved a consecutive 25% growth in average monthly gross transactions using the instalment option under the PayU affordability suite.

Top Online Travel Aggregators in India to Grow Total Average Monthly Transactions via Installment Payments by 2022

Other PayU products utilised by online travel aggregators

With PayU's affordability suite, India's top online travel aggregator enjoys the most comprehensive range of instalment options. This includes credit card instalments from more than 17 banks, debit card instalments from more than 6 banks, cardless instalments from more than 6 providers, buy-now-pay-later offers from 5 partners, and a host of interest-free instalment options.

In addition to these, PayU offers best-in-class API solutions.PayU also provides affordability widgets that enable our online travel aggregator partners to provide a seamless customer experience on their websites and apps.

These include:

- PayU Affordability Kit Products and Descriptions

- Native OTP API: Capture OTP on the merchant checkout page without redirecting the customer to the bank website. This helps to increase the success rate up to 5%.

- Eligible BIN API: Helps you identify the issuing bank of the card bin and the minimum eligible amount of the bank.

- Check Pre-Instalment Eligibility API: Checks the eligibility of debit card instalments through the customer's phone number. This also helps in increasing the success rate of the transaction.

- No-interest instalment integration: helps convert high-value transactions by providing customers with zero-interest instalment options.

- Offer Engine: Allows merchants to create and monitor a variety of offers for different payment methods on the self-service dashboard.

Click here for more product information.

PayU's affordability suite has helped players in the travel industry achieve new levels of growth. In addition, PayU continues to support them by providing best-in-class products to improve the customer experience.

You can also power your travel business with PayU's Affordability Kit in three easy steps. Click here to find out how.