FinMont partnered with The Payments Group (TPG) to provide more flexibility and improved payment capabilities for FinMont's global network of travel industry merchants.
With this collaboration, FinMont's global payment orchestration platform will integrate TPG's cash and eVoucher payment solutions, the companies said in a Thursday (Oct. 24) press release.
These solutions will help FinMont's international travel merchants cater to a broader customer base and reduce payment processing complexities, according to the release.
"Cash payments continue to play a crucial role in many parts of the world, and by integrating CashtoCode, we can help travel merchants reach more customers, reduce friction in payment processes and ultimately drive growth," FinMont CEO Suby Valluri said in the release.
FinMont offers the travel industry an omnichannel travel payment management platform that streamlines both B2C and B2B payments and combines both payments into a single view to help decision-makers identify and fix inefficiencies in their payment processes, per the release.
TPG's CashtoCode service facilitates cash payments for online merchants and their customers, according to the release.
"Our partnership with FinMont enables us to bring our innovative cash and eVoucher payment solutions to a wider range of travel merchants," TPG CEO and founder Jens Bader said in the release. "We give merchants all the resources they need to succeed in the competitive world of eCommerce and start taking payments as quickly as possible."
TPG announced its launch Monday (Oct. 21), saying that it brought together four FinTech and PayTech brands -- Funanga, Calida Financial, TWBS and Surfer Rosa -- to create a "360-degree payment service."
Together, the four TPG brands operate in 190 countries, power payments on tens of thousands of apps and websites, and offer cash services at 550,000 physical retail locations.
In the travel and hospitality industries, outdated payment systems have long posed challenges for businesses, according to the PYMNTS Intelligence report "Travel Tips: Instant Payments for Tips and Payouts in Travel and Hospitality."
The report found that 66% of travel firms believe their current payment systems are negatively impacting their profit margins, primarily because of difficulties in retaining top talent.