A recent study projects global airline revenue will reach $458 billion in 2022, and while it might be difficult to predict with certainty how the industry will evolve and recover in the near future, what we can clearly see is its resilience. Industry leaders, such as our valued partner International Air Transport Association (IATA), are looking forward and finding ways to re-strategize and accelerate the digital transformation that customers demand. 

I recently sat down with Amine Boulaghmen, IATA’s Head of Payment Facilitation Solutions, to talk about the role that strategic partnerships can play in the future of the airline industry. He and I discussed the complexity of air travel and the rapid pace at which the landscape is changing. Partnerships like the one we have with IATA will be critical as air travel continues to evolve and put passengers in control of their travel journey. 

“As the airline industry looks to work more like a retailer, they need to work with people that will give them more knowledge,” said Amine.  

In order to meet the demands of the rapid evolution of air travel and customer expectations, leaders in this sector are looking to the retail industry for inspiration, but they understand they can’t offer customers everything they need to without some assistance. They need guidance from partners with experience in digital transformation, retail customer journeys, and eCommerce fraud prevention.They need partners, like Riskified, with a finger on the pulse of current and upcoming trends.These partnerships not only help the airline industry move forward and provide seamless and engaging experiences; they also teach airlines how to anticipate and mitigate risk as they adopt a more progressive retail business model. 

We know that the time is prime to introduce customer-centric experiences, among them flexible payments and refunds. While there’s much to consider as traveler behaviors evolve and the industry continues to revive, airlines will need to quickly adapt and do so in a strategic and foundational way with the right partnerships in place to help them achieve their goals.

Visit our Partners page to learn more about our partnership with IATA and other industry leaders such as kiwi.com, Trip.com, and AirEurope.