CellPoint Digital, a fintech leader in payment orchestration for travel, is now offering its market leading platform to new markets, including retail, online gaming, online education, and entertainment & media to boost digital revenues through an optimised payment service.
CellPoint Digital will capitalise on increased demand for payment orchestration from these verticals by partnering with rapidly expanding brands to deliver better, more frictionless payment experiences for customers through its Velocity Payment Orchestration Platform.
The platform is uniquely suited to address the changing needs of modern merchants, allowing for dynamic transaction routing to reduce costs and minimise rejection rates, and offering access to a global payment eco-system of around 500 payment options, including acquirers, Payment Service Providers and payment methods through a single integration point. As retail, online gaming and education or content streaming markets continue to develop, CellPoint Digital aims to export these efficiencies to these new sectors.
On average, this means merchants can expect 10% increased digital revenue, 20% decreased payment costs and 75% faster time to market to roll-out a new payment method or feature.
The move comes after several years of expansion and innovation in the travel sector and a series of successes in 2020, despite the pandemic, which saw CellPoint Digital achieve a record volume of Apple Pay transactions for Southwest Airlines and deliver its unique payment orchestration platform to Cebu Pacific.
CellPoint Digital was also recently chosen by the Latin American travel brand, Avianca – the world’s oldest commercial airline – to manage its entire Payment Orchestration Platform – a project that is being referred to as the most ambitious of its kind in the industry to date. CellPoint Digital has a proven track record of helping brands in one of the most complex sectors for payments – international travel – to deliver a smooth and seamless experience for their customers, which was particularly important during the peak of the pandemic, where processes such as issuing refunds and offering vouchers were vital to keep businesses running.
From online gaming to ecommerce, CellPoint Digital’s target markets have all shown record growth over the past 12 months, as consumer behaviours have shifted. Global ecommerce sales reached $26.7 trillion, representing 19% of all retail sales (UNCTAD), as more shoppers moved online. Similarly, revenues for online gambling sites are set to top $1 trillion in 2021 according to figures from ICO Holder. The subscription entertainment sector is likely to continue to boom, with households in Britain spending – on average – £552 per year on streaming services according to figures from Barclaycard.
As digital channels expand, these sectors will face a challenge in having to meet the growing demands from consumers for better, more flexible payment options. Figures from finder, for example, revealed that Buy Now Pay Later (BNPL) services have grown 39% year on year. CellPoint Digital’s payment orchestration expertise makes it the ideal, trusted partner to help merchants solve these challenges and scale efficiently, optimising their payment solutions across multiple countries and delivering the most flexible and efficient payment services to their customers, allowing them to pay how they want to pay.
CellPoint Digital CEO, Kristian Gjerding is excited to bring their experience in the airline sector to help merchants in new verticals: “At its heart, our mission is to make payments easier for merchants and their customers. From cross-border transactions to rolling out proliferating alternative payment methods, we know from experience that international brands like global airlines face critical payment challenges to grow their digital profits. Our experience working with international airlines, probably the most complex retailers, means that we know how to help merchants quickly and affordably expand into new markets while optimizing all their payments and streamlining their payment operations. This know-how will be invaluable as brands in growing sectors such as retail, subscription entertainment and online gaming look to expand into new international markets.
“Simultaneously, we look forward to supporting the rebound of the travel and hospitality sectors – those that have been hardest hit by the pandemic –as they will emerge from global lockdown with the roll-out of the vaccination. As the travel markets are reopening, CellPoint Digital’s leading payment orchestration platform will be on hand to facilitate the adaptation to new travel routes and ultimately best serve their customers in their selected destinations.”