In early April, data had suggested that nearly 80% of all hotel rooms were going empty due to the COVID-19 pandemic. It became clear that all hospitality businesses had taken a huge hit as more people sheltered in place and suspended their travel plans. With the global health crisis still at hand, the hospitality industry is far from getting back on their feet.
Contactless payments have gained popularity in the U.S. over the last few years. Mobile wallets such as Apple Pay, Samsung Pay and Google Pay were introduced as the EMV migration was in full swing, and allowed merchants to offer their customers another secure payment method. While the adoption of this payment method in retail and restaurants has been consistently increasing, hotel and lodging businesses haven't seen much traction. Part of the reason is that most of these businesses weren’t proactive in adopting it. Why, you ask? For a couple of reasons:
From boutique to big box, retailers of all sizes are responding to growing consumer interest in using self-service technology solutions. Surveys are consistently finding that consumer acceptance of these solutions is growing, with 73% of shoppers saying they prefer retail self-service technologies over engaging with store associates.
During periods of high volatility in the Foreign Exchange (FX) market, businesses often feel helpless at the hands of currency fluctuations.
The COVID19 crisis has impacted many industries – but restaurants have been hit extremely hard. According to a recent Restaurant Industry Impact Survey by the National Restaurant Association, the industry in the U.S. is expected to lose $240 billion by the end of 2020.
