95% of Indian Travelers Choose Credit Cards for a Seamless International Experience: Visa’s Global Travel Intentions Study 2023

Visa Inc. (NYSE: V), the global leader in digital payments, revealed the findings of its ‘Global Travel Intentions Study 2023’ capturing Indian travel behavior. The report presents insights from a global survey by 4SiGHT Research & Analytics. Among Indian consumers, international destinations like Australia, the UAE, the US, and Canada remain top preferences. Various offerings like travel miles, cashback, rewards, high acceptance, foreign exchange rates, and high limits on spending remain the key factors that drive international card usage. It is interesting to note that 95% of travelers intend to use credit cards at international travel destinations to make their experience seamless. 99% of travelers prefer to use cards (including credit, debit and prepaid) during their international travels.

Visa has been executing the Global Travel Intentions (GTI) study biennially for over a decade. The study equips Visa and its partners with an in-depth understanding of travel and payment behaviors, along with a robust view of emerging trends in the travel landscape.

“The Global Travel Intentions Study 2023 is a compass guiding us through the ever-evolving landscape of travel and payments. It’s clear that cards are persistently simplifying cross-border transactions, emerging as the favored choice for consumers seeking to amplify their overall travel experience, particularly for those journeying outbound from India. Consumers are increasingly wanting to substitute cumbersome procedures with secure, safe travel experiences. The security offered by a trusted brand’s card, and the convenience of the widest global acceptance remain paramount, effectively removing complexities associated with exchanging and carrying the foreign currency”, said Sridhar Keppurengan, Business Head of Cross Border Payments, India & South Asia, Visa.

The study identifies sustainability, infrastructure, and experiential travel to be key drivers of the sector. 86% of individuals are highly interested in eco-friendly and sustainable travel and offerings and 60% look for such options actively.

Some prominent trends in the Travel and Tourism industry per the GTI study by Visa are listed below:

  • Infrastructure is important to 65% of individuals; 43% say destinations promoting sustainable initiatives would encourage them to travel sustainably
  • 75% prioritise the social environment (including good environmental practices and safety) while choosing a destination. 73% of individuals look forward to local cultural experiences
  • 86% of travelers prefer hotels, 30% prefer bed and breakfast set-ups, and 24% prefer hostels as accommodation choices
  • 70% of travelers choose a destination based on leisure activities available, like entertainment and activities (35%), shopping options (27%), and local food and dining options (26%)
  • Relaxation has been the main driver for travel (26%) and remains the top motivation (51%) for the next trip as well.

We believe that by embracing sustainable options while traveling, we become stewards of the environment, leaving behind footprints that inspire and protect the beauty of our planet for generations to come.

Source link:https://www.visa.co.in/