July 17, 2024

Mastercard report identifies needs and challenges of business travellers

Business travel-decision makers are planning to strengthen artificial intelligence and sustainability practices in the next few years.

This is according to the new Navigating Global Business Travel report from credit card processor Mastercard, which predicts the needs and challenges of business travellers. Over 500 travel-decision makers from key markets across the world were surveyed.

Mastercard reported that 91% of businesses are planning to invest in AI and machine learning to provide employees with a more personalised travel experience and improve T&E processes in the next five years.

The survey also highlighted that 90% of respondents are now placing a greater emphasis on ESG tracking for business travel and understanding the impact from carbon emissions.

Nearly half of decision-makers said that cutting business travel would decrease revenue by 10% and increase employee turnover by more than 10% in the next three years.

The growing hybrid and remote workforce, according to 90% of respondents, will significantly increase the amount of business travel in the organisation over the next 10 years. 

Virtual cards were on the agenda too, with 48% of decision-makers predicting it to be common method of booking travel within the next five years.

Chad Wallace, Global Head of Commercial Solutions at Mastercard, said: “We are at the edge of transformation for the business traveller experience. With global business travel on the rise, a simple, seamless T&E experience is essential in providing a foundation for success and progress in this space.

“The corporate travel industry is at an inflection point in the way we approach managing business travel spend. New payment solutions are emerging to fulfil the shifting needs of the industry, enabling travellers and their companies to get real-time spend visibility, to optimise spend controls and to automate the process of tracking expenses.”