Published on : Monday, November 27, 2017
A German travel payment company AirPlus International mentioned that its turnover in China had touched more than 1 billion euros amounting to 1.2 billion US dollars this month. This makes China its third largest overseas market.
Lucy Wang, managing director of AirPlus International China feels that the business travel industry of China that is actually the largest in the world is leading the change in the global travel management sector.
This company permits businesses to pay for an employee travel expenses with the aid of a centralized corporate account, minimizing paperwork and leading to cost efficiencies.
China had overtaken United States as the leading business travel market in the world in the year 2015, as per the Global Business Travel Association (GBTA).
In 2017, Chinese business travel spending is estimated to touch 344.6 billion U.S. dollars marking a rise of 8.4% year on year and this is 51.5 billion dollars more than the expected U.S. business travel spending according to the GBTA.
Wang said that the fast growth is likely to continue since initiatives like the Belt and Road had been boosting international demand to a great extent.
Since Chinese companies expand their global footprint they are also starting to bring in new technologies including mobile payment to boost efficiency. China currently leads the world in mobile payments for business travel as per a study of 2017 AirPlus.
Wang then went on to add that such trends create challenges and also new opportunities for travel management firms that are presently striving to create a ‘fusion management’ model that permits all payment and paperwork to be complete in a single mobile app.