iOL Pay is Operating a Global Fintech Platform in 37 Countries to Disrupt and Transform the $1.45 Trillion Hotel Payments Industry

iOL Pay is Operating a Global Fintech Platform in 37 Countries to Disrupt and Transform the $1.45 Trillion Hotel Payments Industry

Hotels are plagued with high FX and cross-border fees with restricted payment methods available?  Traditional retail payment solutions are still today unable to automate the processing of complex deposit policies around BAR, B2B, Non-refundable, and flex rate plans?  As it turns out, existing payment solutions providers were never designed to address these complexities which are endemic and specific to the hotel industry.  However, we did find one company that is thinking completely different about hotel payments.

Welcome to iOL Pay, the global fintech company, which is completely disrupting payment solutions with a game-changing platform (“iOL Pay”) exclusively built for the hotel industry.  Now live in 37 countries across North America, Europe, Middle East, APAC and Africa, iOL Pay’s industry focused approach creates scalable value for the hotel sector in multiple areas. The company’s broad range of solutions has seen it secure deals that enable it to be deployed across hotel properties in multiple countries. iOL Pay was founded by Faisal Memon and is backed by hospitality and technology industry veterans.

The company has partnered with global financial services and fintech leaders in their quest to reimagine how hospitality businesses transact and manage payments.

iOL Pay, in conjunction with its strategic partners, is enabling clients to manage over half a billion dollars in Total Processing Value (TPV) from across all of the platform’s revenue streams, which is expected to grow over 6x by 2024.  Faisal Memon, Founder & CEO of iOL Pay explained, “As digitalization has swept through the hospitality industry, consumer & B2B payment systems and processes haven’t advanced at the same pace. iOL Pay builds on our decades of experience, solving challenges of global hotel chains through future-centric and innovative technology and key strategic global partnerships. As the world’s first multifunctional fintech platform for the hospitality industry, iOL Pay simplifies transactions, accelerates savings, and enhances revenue flows. The platform reduces fraud and chargebacks, streamlines management of cancelled bookings, whilst transforming the guest’s experience at multiple points in their online and offline interactions with the hotel.”

Every year, hotels worldwide process payments worth $1.45 trillion. Focused primarily on the $450 billion 4 & 5 star hotel category, iOL Pay helps unlock value-additions of ~$23 billion as the sector experiences a post COVID-19 resurgence. The platform provides hotels with a single automated payments solution, supporting global payment compliance and standards, improving cash flow and elevating guest experiences to encourage customer conversions.

Designed to create a seamless process, the iOL Pay platform also provides customers with a single unified solution, using its strategic partnerships which encompasses global payments, virtual cards, merchant wallets, remittances and FX. Putting hotels in control of the payment process, iOL Pay acts as a merchant of record, thereby removing a significant administrative burden from hotels by having one platform to manage all payments directly for hotel chains across their properties, franchises and affiliates. iOL Pay also created an industry-first revenue stream for hotels, giving them rebates on all digital payments made to suppliers.

Through its global integrations, iOL Pay’s customers are able to achieve significant savings in fees and completely eliminate manual processing, creating a new benchmark for the hospitality industry. iOL Pay has also facilitated secure one-click booking integrated into hotel apps and websites, enhancing the guest experience while driving improved conversions for hotels. iOL Pay supports 26+ languages, 135+ currencies and dynamically provides options from 250+ methods to give guests the optimal choice for payments.  Headquartered in Dubai, iOL Pay is a subsidiary of Illusions Online who operates one of the largest global hotel marketplaces for the international travel and tourism sector delivering services for over 23,000 hotels.

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