Standard Chartered, a global banking group has collaborated with the International Air Transport Association (IATA) to introduce a payment platform for India’s airline industry. along with other payment options, IATA Pay will be a new payment option that will facilitate the participating airlines to offer instant payment options such as UPI Scan and Pay and UPI Collect.
The new service leverages the Unified Payment Interface which is a domestic real-time scheme; thus allowing the consumers to instantly pay for airline tickets from their bank accounts. It will make the payment hassle-free for the consumers and streamline the collection and settlement process. Moreover, this will help IATA to provide an industry-wide e-commerce solution. This service is widely used in European markets.
IATA Pay in India is supported by Straight2Bank Pay, a payment platform of Standard Chartered. Straight2Bank enables online merchants to digitalize collections through multiply payment options through single global connectivity.
