Like prior weeks’ Updates, this week’s Update features stories on the growing phenomenon of fintech and its effect on the travel industry. Enjoy.
Dissatisfaction With Expedia Directors
(“Do Travel Agents Matter in Online Travel? Expedia Thinks So,” June 22, 2022 via Skift (subscription may be required)
Skift recently featured an interesting article describing apparent shareholder dissatisfaction with certain of the online travel giant’s board members. The dissatisfaction (expressed through withheld votes in connection with Expedia’s recent annual shareholders’ meeting) was focused on board members Chelsea Clinton, Craig Jacobs, Dara Khosrowshahi and Beverly Anderson. While there isn’t any information detailing the reasons for the withheld votes, Skift speculates it may relate to shareholder concerns with executive compensation, depressed share price or even the political views of the targeted board members.
Apple Enters Fintech Space
(“What Apple’s BNPL Offering Means for Travel,” June 22, 2022 via Phocus Wire)
For some time now, we have featured stories on the rise of fintech products, particularly in the travel industry. Recent stories have featured providers Hopper, Mastercard, Visa, Affirm and Uplift. Now comes Apple. Earlier this month, Apple unveiled its buy now, pay later offering, Apple Pay Later. Users of the offering will be able to pay for their Apple Pay purchases over four equal installments, each installment due every two weeks. Mastercard will process the payments. Merchants already accepting Apple Pay will be able to enroll in the new program when it launches this fall. While Apple’s offering may not offer the multitude of payment plans that its competitors offer, Apple’s entry into the fintech world is surely likely to make those competitors nervous. It will be interesting to watch whether the proliferation of these merchant agnostic fintech offerings undercut certain platforms’ push for adoption of their own proprietary payment platforms.
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Greg Duff founded and chairs Foster Garvey’s national Hospitality, Travel & Tourism group. His practice largely focuses on operations-oriented matters faced by hospitality industry members, including sales and marketing, distribution and e-commerce, procurement and technology. Greg also serves as counsel and legal advisor to many of the hospitality industry’s associations and trade groups, including AH&LA, HFTP and HSMAI.