IATA Pay Platform
On February 24, 2022, Global banking group Standard Chartered announced its partnership with International Air Transport Association (IATA) to launch a payment platform for airline industry in India.
- In addition to existing payment options like credit cards, IATA Pay will be a new payment option that will enable participating airlines to offer instant payment options like UPI Collect (Request to Pay), UPI Scan and Pay.
- This service is already available in several European markets.
- It leverages the Unified Payment Interface (UPI), a domestic real-time payments scheme. This, it enables consumers to pay for airline tickets from their bank accounts, instantly.
- After its launch in India, Standard Chartered will support the rollout of IATA Pay in other markets as well.
In India, IATA Pay is powered by Straight2Bank Pay platform of Standard Chartered. It is a payment platform, which helps online merchants digitalise collections using multiple payment options through a single global connectivity. This service will simplify the payment process for consumers, enable IATA to provide an industry-wide e-commerce solution as well as streamline the collection and settlement process for airlines. It will help participating airlines in avoiding bilateral integrations with multiple service providers as well as eliminate the need of paying an acquiring fee to card acquirers.
Standard Chartered and IATA had launched IATA EasyPay in India in 2021. It is a pay-as-you-go payments solution, streamlining the ticketing and settlement process among IATA-affiliated travel agents, IATA and member airlines.
International Air Transport Association (IATA)
IATA is a trade association of world’s airlines. It was founded in 1945. It has been described as a cartel. It sets up technical standards for airlines as well as organize tariff conferences serving as a forum for fixing price. It is headquartered in Canada with executive offices in Geneva, Switzerland.
Category: Economy & Banking Current Affairs - 2022
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