According to Commercial Payments International, "This week, the payment network Universal Air Travel Plan indicated that it is considering expanding its existing merchant network in 2009 to both hotels and car rental vendors. (At present, over 240 airlines and travel agencies accept UATP for air travel, service fees, management fees and net fares payment.)It believes the time may be right to make such a move as so many companies are looking for ways to cut costs. Merchants are usually charged lower service fees by UATP than by other corporate card networks.
If UATP proceeds with this strategy, it would represent more competition for the existing dominant payment networks such as MasterCard and Visa. UATP is already a significant payment network as far as airline payments go – the organization is expecting its charge volume to reach $12 billion in 2008, with further growth predicted for next year."
In related news, UATP announced yet another partnership...this time with Atlanta based Moneta. Here's the press release:
Universal Air Travel Program (UATP), the low cost payment network privately owned by the world's airlines, announced it has partnered with Moneta to support Moneta's online payment wallet for the 250 airlines utilizing UATP payment gateway services. Moneta offers consumers, airline and merchants a convenient, safe and affordable payment method which is distributed and marketed through the consumer's bank. Airlines using the UATP payment gateway connection can activate Moneta on their retail checkout site with no infrastructure investment and minimal configuration.
"The Moneta-UATP partnership provides a low-cost payment option for airlines while enhancing consumer confidence and loyalty for both airlines and banks," said Ralph Kaiser, president and chief executive officer, UATP. "As our network of airlines continues to grow, we look forward to assisting Moneta in expanding their airline distribution."
Initially, Moneta transactions will use the U.S. ACH debit network, enabling consumers to pay directly from their checking or money market accounts. In 2009, Moneta plans to offer additional payment options including international debit payments, credit cards, pay later and pay early functionality. The Moneta service is free to consumers and is available to customers in the United States, Puerto Rico and U.S. Virgin Islands.
"Partnering with UATP underscores the ease of implementing Moneta's online wallet for airlines," said Guido Sacchi, CEO of Moneta. "By integrating into the UATP gateway service, airlines can take immediate advantage of lower online transaction costs. Additionally, airlines offering Moneta will enjoy the ability to reach new customers through our bank partner network. Airlines selecting the UATP-Moneta solution will realize not only cost savings, but the ability to market their airlines through online banking customers either on a per-market basis or around the country."
About Moneta Corporation
Moneta Corporation is a leading payments company offering secure, convenient methods for consumers to pay online merchants directly from their checking or money market accounts. Moneta partners with online merchants to accept and process payments, while providing financial institutions branding opportunities during the transaction process. Moneta's rapidly growing partner network enables online retailers and travel providers to attract valuable customers with a preference for paying directly from their well-established bank accounts. Moneta is a privately-held company headquartered in Atlanta, Ga. For more information visit www.monetacorp.com
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