Zilch Teams Up with Lastminute to Revolutionize Travel Payments!

Zilch has announced a collaboration aimed at assisting customers in booking and financing their travel.

The advertisement-supported payments system is launching Zilch Travel in partnership with European online travel agency lastminute.com, according to a statement released on Monday (Jan. 13) press release.

“Travel constitutes one of the biggest household expenditures, but it’s also a crucial annual commitment, and in 2024, it reached unprecedented levels,” Zilch remarked in the announcement. “This increase has positioned travel as one of the most rapidly expanding segments for Zilch, witnessing an exceptional 140% annual growth as consumers seek more intelligent, adaptable methods to finance their journeys.”

Nearly half of families now arrange travel plans five to twelve weeks prior to departure, the company revealed, and Zilch aims to address this demand by providing travelers with a means to distribute payments for substantial bookings.

“By 2025, travel is no longer viewed as a luxury — it has become a priority for both work and family,” Zilch’s Co-founder and CEO Philip Belamant, stated in the release, pointing out that 84% of U.K. consumers are exploring destinations domestically or internationally and they collectively spent over 72 billion pounds on international travel in 2023.

Zilch Travel is designed to provide customers — during an ongoing cost-of-living crisis in the U.K. — the means to organize and finance trips “within the authorized application they trust to manage their finances.”

Reflecting on the travel industry last week, PYMNTS highlighted that travelers have come to anticipate the seamless payment experiences they encounter in their everyday lives.

“Consequently, real-time payment solutions have taken center stage. Travelers are prioritizing convenience and security when making payments, with 73% reporting instances of payment denials or complications,” that report noted, citing data from the PYMNTS Intelligence project “Check-In Time: Hospitality Welcomes Real-Time Payments.”

Real-time payment systems — such as digital wallets — can tackle these issues by offering secure and immediate transactions, reducing the potential for fraud and ensuring an overall more streamlined experience.

Furthermore, the research indicated that the majority of travelers are willing to spend more on the quality of their experiences rather than focusing on the cost.

“As per the research, 77% of travelers value experience over expense,” PYMNTS stated. “This creates an opportunity for hospitality providers to invest in real-time payment methods, which enhance service quality and foster customer loyalty, leading to possible financial gains.”

The study also revealed that despite the growing demand for sophisticated payment solutions, the hospitality industry continues to rely on outdated, intricate payment frameworks, with 66% of travel finance leaders indicating that their payment infrastructure hinders expansion.