Four start-ups to look out for at Aviation Festival Asia: Payments
Aviation Festival Asia gathers together industry giants, start-ups, and everyone in between to drive innovation in the aviation industry. The event is an opportunity for start-ups to get noticed and for influential industry players to forge business partnerships in the Asia Region.
With new technologies, shifting demands from customers, and pressure points highlighted by the pandemic the payments landscape is changing. These four start-ups each approach the broad topic of payments from a different perspective, addressing payment management, payment options, refunds, and more with a new and innovative outlook.
1. Aeropaye
Aeropaye is developing an autonomous smart flight refund engine for airlines, travel agents, travel management companies and passengers on delayed or cancelled flights, integrating Blockchain distributed ledger technology, smart contract components and the IATA direct connect New Distribution Capability (NDC) protocol. We compete in the growing airline ticketing industry valued at $776.9 billion.
Airline tickets are stuck in a technological bottleneck. Coordinating purchases, transfers, settlements on delayed and canceled flights and payments across hundreds of airlines, agencies, and countries is expensive and inefficient under the current system.
The Aeropaye DLT component is an amazing technology that allows for easy, near instant, trustless collaboration between different parties with a common goal. These difficulties of the travel industry is the perfect environment to apply it in. Aeropaye travel tickets smart tokens have immediate benefits like fast transactions, instant settlements, and more efficient collaboration between all the parties.
2. Happy Fly Limited
Happy Fly Limited (HFL) is an Insurtech MGA based in London offering unique insurance and technology solutions to Airlines to mitigate the financial and administrative burdens of EU261 Flight Delay Compensation exposures.
HFL has developed flexible and innovative insurance solutions designed to mitigate an Airline’s financial exposure to their current, future and historic EU261 compensation liabilities and cap EU261 to a single predictable cost.
In addition, HFLs unique Payments+ secure cloud-based claims portal autonomously manages, validates, and verifies passenger EU261 claims as well as paying compensation to passengers anywhere in the world.
HFL feel that they are well positioned to assist Airlines in the Post-Covid environment, where Airlines are under pressure to restructure into leaner more efficient and cost-effective operating models. The solutions HFL can deliver to Airlines will reduce liabilities to increase borrowing potential as well as providing financial certainty and balance sheet protection, which together with HFLs Payments+ Claims Portal, will be a paradigm shift in customer service and deliver significant cost savings to Airlines worldwide.
3. SeatCash
SeatCash is an innovative travel lifestyle technology company delivering an improved travel purchase and management experience to consumers and travel suppliers. Bringing 100+ years of combined travel industry experience, the SeatCash team is using technology to disrupt the frustrations of today’s travel environment utilizing the latest in predictive sciences, AutoML, and FinTech innovation.
4. Wowpay
Wowpay Pte Ltd is a payment orchestration service provider which enables customers to manage multiple payment gateways and processors across the globe through a single API. Wowpay’s proprietary rules-based engine has been proven to help airlines save costs in managing their payment stack by reducing the time it takes for multiple payment methods to be integrated and channelling payments to the lowest cost processor.
All this can be done by little to no-code on Wowpay’s dashboard. Wowpay can handle not just payment processing but also fraud detection and management settings. Back by a team of experienced travel technologists, Wowpay understands the challenges faced and value demanded by airlines.
These four start ups will be at Aviation Festival Asia next month. To see how these and many other start-ups can enhance passenger experience, get your ticket here.
The importance of Etihad and SATAVIA’s contrail management partnership
FLYR Labs and Flyr AS strategic partnership. “Providing customers with the right product, at the right price, and in the right channel.”
Four start-ups to look out for at Aviation Festival Asia: Pricing and distribution
HSBC Star Alliance’s world-first Credit Card