Outpayce from Amadeus is expanding its current offering by partnering with HSBC. Specifically, HSBC will make its competitive FX rates available to airlines through Outpayce’s FX Box Multi Currency Pricing (MCP) solution. Japan Airlines is the first carrier to offer its passengers multi-currency pricing through the Outpayce and HSBC partnership.
The initiative comes as research shows a third of airlines plan to offer multi-currency pricing,
Go deeper with GlobalData
Today, airlines often price their products in a default currency, rather than the traveller’s local or preferred currency.
HSBC Outpayce partnership: benefits for travellers
The current typical arrangement impacts the shopping experience. It can also lower purchase rates as travellers leave the airline’s website to perform a manual Foreign Exchange (FX) conversion.
With this HSBC partnership, FX Box MCP has further extended its coverage to over 170 different currencies. It enables airlines to price their fares based on the needs of each individual traveller. If the customer chooses to pay in their own currency, a FX transaction occurs behind the scenes. This is based on HSBC’s competitive rates with full reconciliation to the airline’s revenue accounting systems.
Travellers typically rely on their own card-issuing bank to undertake this service on an ‘after-the-fact’ basis. This means that they only realise how much such conversions have cost when they check their bank statement.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataHSBC Outpayce partnership: benefits for airlines
The initiative will increase the amount of real-time FX rates available via FX Box MCP to 170-plus currencies. In addition, it gives the ability to define the margin charged for providing FX services. Moreover, airlines will gain the ability to internalise FX spreads from cross-border payments. And they gain control over the look at feel of how multi-currency prices are displayed on their websites or apps.
Damian Alonso, Head of Commercial and Partnerships at Outpayce, said: “We are thrilled to announce our partnership with HSBC. By offering consumers the option to pay in their preferred currency and ensuring there are no hidden fees, we hope to make shopping for travel easier and more enjoyable. We know travellers welcome this. Our research shows that nine-in-every-ten travellers would be more likely to choose one airline over another if given the option to pay in their preferred currency.”
Gregory Edwards, Global Head of Transactional FX, HSBC, added: “For global merchants such as airlines with significant cross-border sales, it’s really important to them to offer prices in the local currency of their customers. Outpayce’s FX Box solution makes it much easier to understand how much you’re paying for an air fare. It enables airlines to take control of the entire FX experience on their websites. With our globally competitive rates, airlines are ready to go.”
