One thing is becoming crystal clear — payments is not only getting easier, but how money moves across borders is fundamentally changing (well, two things really).
And if you’re an avid traveller, you know just how game-changing that could be.
I recently had the privilege of witnessing the future of travel payments unfold at the Singapore Fintech Festival — from Monetary Authority of Singapore officials shaping regional payment policies, to Visa executives reimagining 50-year-old payment systems, to ambitious fintech upstarts like YouTrip transforming how we spend abroad — the energy was electric.
The consensus was clear: travel and finance are colliding in ways that will transform how we explore the world.
Convergence of travel and fintech
When was the last time you caught yourself planning your next trip? That familiar rush of excitement as you browse destinations, check flights and dream about new adventures. Now, imagine all of that enthusiasm paired with cutting-edge financial technology.
This isn’t just theoretical—just look at what happened when Booking.com brought in Daniel Marovitz, Deutsche Bank’s youngest board member at the time. They didn’t just want a finance expert; they wanted someone and a whole function to reimagine how financial services could transform travel.
The goal? To improve credit lines and financial offerings to their partners.
The result? About three to five per cent boost to their bottom line.
What’s even more fascinating is that Booking.com could potentially become a lender to hotels—after all, they have all the data on occupancy rates, booking patterns, and seasonal trends.
Think about it: every traveler is essentially the perfect fintech customer.
From booking flights to splitting bills with travel buddies, from shopping at local markets to managing leftover foreign currency—each journey is packed with financial touchpoints. And that’s exactly why this convergence makes so much sense.
Look at companies like YouTrip, often called the “Revolut of Asia.” They started with a laser focus on travel payments—positioning themselves where the highest and most frequent use cases are. It’s a brilliant strategy: build trust through everyday travel transactions, gather valuable behavioural data, then expand into insurance, loyalty programs, and more based on real customer needs.
Transformative potential of connecting instant payment systems across regions
The future of travel payments isn’t just about making things digital—it’s about making them seamless across borders.
Enter the ambitious Nexus scheme, set to launch in 2027, which will connect the ASEAN five (the region’s five largest economies) with India—home to the world’s largest real-time payments system. This isn’t just another payment network; it’s a game-changer for how money moves across Asia.
But let’s be honest: with this transformation comes some serious challenges. On one side, we need innovation that keeps pace with traveler demands. On the other, we need proper oversight to keep everything secure.
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The consensus seems to be that private sector innovation leads the way, but it needs to be balanced with smart regulation.
Success requires three key ingredients:
- A governance framework that blends public policy goals with private sector agility
- Cost structures that work for both users and businesses
- High standards that don’t shut out innovative startups
The biggest challenge? Making sure enough people actually use these new systems.
If the volumes don’t materialise, existing industry players will be forced to compete, potentially fragmenting the market further.
Defining new commerce across borders: Payments interoperability and benefits
Here’s the reality of today’s payment landscape: it’s fragmented, complex, and often frustrating for travellers. We’re seeing multiple rails, from traditional cards to QR codes, from touch-and-go wallets to mobile payments. Each works great in its home market, but cross-border? That’s where things get messy.
Take Japan, for instance—a highly developed economy where many merchants still haven’t adopted credit cards or QR codes. It’s a perfect example of how even advanced markets can have significant room for payment innovation.
But change is coming. Look at what’s happening in Southeast Asia—governments are driving real innovation with new payment schemes and QR codes that work across borders. They’re creating systems that let more merchants participate and building bridges between public and private sectors. Imagine using your local e-wallet’s QR code to pay at a night market in Bangkok or a cafe in Singapore—that’s the future being built right now.
The key to making this work? Collaboration.
We’re seeing issuers, merchants, and governments working together not just on technology, but on promoting these new payment methods. After all, what good is a brilliant payment system if travellers don’t know they can use it?
The Visa POV for new innovations
Fun fact: we’re still using the same 16-digit card system that was designed 50 years ago. That’s right—in an age of quantum computing and artificial intelligence, we’re still punching in strings of numbers like it’s 1973.
And in Southeast Asia, where e-commerce already accounts for 50 per cent of payment volume (with cards handling half of that), this analog-era relic is starting to show its age.
Think about your typical online purchase: you’re redirected outside the merchant’s site to your bank, carefully typing in your card number, CVV, expiration date—a process that takes an average of two minutes and 20 seconds.
Why? Because we still can’t fully trust every single website.
In fact, we’ve normalised this friction in the name of security.
Visa’s vision tears up this 50-year-old playbook. Instead of juggling different 16-digit numbers for debit cards, credit cards, and pay-later services, imagine having a single, secure credential. Behind the scenes, Visa handles the complexity while you simply choose your preferred funding source. It’s about time, isn’t it?
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But here’s where things get really interesting: Asia Pacific has become ground zero for digital wallets. They’re proliferating “like there’s no tomorrow,” becoming the dominant form of payment across multiple geographies.
However, these wallets face a crucial challenge: bridging the international gap. How do you maintain that seamless home-market experience when your customers travel overseas?
And there’s a critical caveat we need to discuss: the rise of real-time payments, while convenient, comes with a serious catch—they’re irrevocable. Once you send that money, there’s no taking it back. It’s a feature that scammers have exploited to devastating effect. In Singapore alone, real-time payment scams resulted in approximately 600 million in losses just last year. And experts believe the real figure might be double that, as many victims are too embarrassed to report their losses.
Looking ahead
The convergence of travel and fintech isn’t just another industry trend—it’s fundamentally changing how we explore the world. The winners in this space won’t just be the ones with the coolest technology; they’ll be the ones who truly understand what travellers need and want.
As someone watching this space closely, I’m convinced we’re just at the beginning. The next few years will be crucial as these systems mature and evolve.
Keep an eye on this space—it’s where some of the most exciting innovations in both travel and finance are going to emerge. After all, when you combine the thrill of travel with the power of modern fintech, the possibilities are endless.
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The post Money travelling: Insights from Singapore Fintech Festival on travel and finance appeared first on e27.