- Strong pipeline of clients enables iOL Pay to target multi-billion dollar Total Processing Value (TPV) by 2023
- Company leadership charts 12 months pathway to US$1 billion valuation in 2023 and become first hospitality fintech unicorn in the world
Dubai : iOL Pay, a global fintech company, has today announced the official launch of its game-changing platform (“iOL Pay”) for the international hospitality industry. Now live in 37 countries across North America, Europe, Middle East, APAC and Africa, iOL Pay’s industry focused approach will create scalable value for the hospitality sector in multiple areas. The company’s broad range of solutions has seen it secure deals, prior to launch, that enable it to be deployed across hotel properties in several countries from day one. iOL Pay is founded by Faisal Memon, and 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.
Through 2022, iOL Pay, in conjunction with its strategic partners, will enable clients to manage over half a billion dollars in Total Processing Value (TPV) from across all of the platform’s revenue streams, which will grow over 6x by 2023. Building upon this growth and pipeline of clients, iOL Pay aspires to become the first global hospitality fintech unicorn in the world in the next 12 months, while expanding its geographic footprint to reach 19 additional countries.
Faisal Memon, Founder & CEO of iOL Pay said, “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 renowned 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 will simplify transactions, accelerate savings, and enhance 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,” he continued.
Every year, hotels worldwide process payments worth $1.45 trillion. Focused primarily on the $450 billion 4 & 5 star hotel category, iOL Pay will help unlock value-additions of ~$23 billion as the sector experiences a post COVID-19 resurgence. The platform will provide hotels with a single automated payments solution, support global payment compliance and standards, improve cash flow and elevate 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 can act 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 will also create an industry-first revenue stream for hotels, giving them rebates on all digital payments made to suppliers.
Through its global integrations, iOL Pay’s pilot customers are able to achieve significant savings in fees and completely eliminate manual processing, creating a new benchmark for the hospitality industry. iOL Pay will also facilitate 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 operate one of the largest global hotel marketplaces for the international travel and tourism sector delivering services for over 23,000 hotels.
About iOL Pay
iOL Pay was designed to give the global hospitality industry a single unified fintech platform to manage payments, create new revenue streams and increase booking conversions from hotel chains’ websites. Together with a roster of global financial services partners, iOL Pay empowers the world’s leading hotel chains with cutting-edge technology, giving business leaders complete oversight of the payment process, while establishing a new operational gold-standard to transform the entire industry. Launched in 2021, the company is headquartered in the UAE with a presence across five continents. To know more, visit https://protect-eu.mimecast.com/s/RFHMCz745sMvxRzRuKQ92K?domain=iolpay.com.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.