A study of alternative and FinTech payment solutions for airlines

Abstract

Purpose: Revolutionary changes in the global economy, together with the development of FinTech and digital-oriented customer preferences, create new opportunities for airline companies in offering innovative solutions for customers, through online and mobile payment methods offered for flight bookings. Design/Methodology/Approach: The research is based on the analysis of structured survey data collected from a questionnaire based on customer satisfaction and perception of payment methods conducted with passengers. An empirical analysis of publicly available information was conducted on the payment options offered by the airlines to passengers. Findings: The analysis of the payment methods available shows different options provided by the leading CEE airlines from the most conservative to the most innovative offering the possibility to pay using FinTech payment solutions. Practical Implications: Development of FinTech and growing competition is an opportunity for airlines to increase their competitiveness through the improvement of customer satisfaction, adapting payment methods to the needs of passengers without substantial investments. Originality/Value: With this study, we aim to investigate the payment methods offered by the top ten Central and Eastern European (CEE) airlines and to discuss this in light of consumer choices and preferences.