WASHINGTON, Nov. 12, 2020 /PRNewswire/ --UATP today announced a new strategic partnership with Fly Now Pay Later (FNPL) to give travelers the opportunity to purchase travel via installment plans. The UATP-FNPL partnership allows travelers to instantly spread the cost of their travel plans over time, making those once distant-thought travel plans, now a reality.
"The 'Buy Now Pay Later' concept is revolutionizing travel planning as a simpler alternative to financing pricier flights. Our platform benefits the traveler that is eager to get away, and collaborating with UATP will allow for a more seamless implementation," Jasper Dykes, founder and CEO, Fly Now Pay Later. "Using travel and credit data, we provide leading airlines with a world class customer experience by offering an instant financing solution from as little as 0% APR."
A recent poll with Airline Information showed that 38% of travelers have installment payments on their roadmap. Additionally, the Worldpay 2020 Global Payments Report stated that this payment method consisted of 8% of all eCommerce transactions in 2019 and is forecasted to double that that growth by 2023. The global partnership between UATP and Fly Now Pay Later, focusing on leisure travelers in Europe, will allow travelers to capitalize on the benefits of installment payment solutions and help remove the basket anxiety associated with upfront costs. Additionally, there are no hidden fees, compounded interest, or early settlement costs. Travelers receive full protection when purchasing through this process and will have access to a coordinated payment schedule to use as a budgeting tool.
"The UATP-FNPL partnership brings yet another option to travelers, and fulfills the demand the marketplace is asking for," Ralph Kaiser, president and CEO, UATP. "Airlines will receive the full price of the booking upfront while not taking on any of the risk. The structured installment payments can also lead to increased ancillary revenue and help to ensure maximum conversion at checkout."
For more information, visit UATP.com.
UATP is a global payment network owned and operated by the world's airlines and accepted by thousands of merchants for air, rail and travel agency payments. UATP connects airlines to Alternative Forms of Payment which can expand reach and generate incremental sales globally. UATP offers easy-to-use data tools, DataStream® and DataMine®, which provide comprehensive account details to Issuers and corporate travel buyers for accurate travel management.
Accepted as a form of payment for corporate business travel worldwide by airlines, travel agencies and Amtrak®; UATP accounts are issued by: Aeromexico; Air Canada (TSE:AC); Air China; Air New Zealand (ANZFF.PK); Air Niugini; Air Serbia; American Airlines (NASDAQ: AAL); APG Airlines; Austrian Airlines; BCD Travel; China Eastern Airlines (NYSE: CEA); Delta Air Lines (NYSE: DAL); EL AL Israel Airlines; Etihad Airways; Fareportal; Frontier Airlines; GOL Linhas aereas inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4); Hahn Air; High Point; Japan Airlines (9201:JP); JetBlue Airways; Qantas Airways (QUBSF.PK); Shandong Airlines; Sichuan Airlines; Southwest Airlines; Sun Country Airlines; TUIfly GmbH; Turkish Airlines (ISE:THYAO); United Airlines (NYSE: UAL) and WestJet.
AirPlus International issues the UATP-based Company Account for Lufthansa German Airlines.
ABOUT FLY NOW PAY LATER
Fly Now Pay Later is an alternative payment provider specializing solely on the travel industry. Fly Now Pay Later mission is to help global travel businesses increase their sales by enabling them to offer their customers financial flexibility at checkout. With a bespoke payment solution, travel providers can now help their customers split the cost of their holiday in flexible monthly installments from 0% APR.