iOL Pay Plans To Become A “Unicorn” In 2023
A fintech company based in Dubai that focuses on the hospitality industry wants to be valued at $1 billion, or a ‘unicorn.’ iOL Pay, which began operations on November 30th, has lofty goals.
Faisal Memon, the founder, is as confident as they come, pointing to the 37 markets that went live ahead of the official launch, including North America and Europe. The platform of the company assists hospitality industry operators in managing their payment transactions.
“As digitalization has swept through the hospitality industry, consumer and business-to-business payment systems and processes have not advanced at the same rate,” Memon explained. “Through technology and strategic global partnerships, iOL Pay builds on our decades of experience in addressing the challenges of renowned hotel chains.”
iOL Pay is a subsidiary of Illusions Online, which operates one of the world’s largest global hotel marketplaces for the travel and tourism industry, serving over 23,000 hotels.
Every year, hotels process $1.45 trillion in payments. iOL Pay will “help unlock value-addition of about $23 billion as the sector experiences a post-COVID-19 resurgence,” with a primary focus on the $450 billion four- and five-star hotel category.
The platform will provide hotels with a centralised automated payment solution while also improving cash flow. It has collaborated with global financial services and fintech leaders to assist hospitality businesses in transacting and managing payments.
iOL Pay, in collaboration with strategic partners, will enable clients to manage more than $500 million in Total Processing Value (TPV) next year, with the potential to grow sixfold by 2023. “iOL Pay will streamline transactions, accelerate savings, and boost revenue flows,” he added. “The platform reduces fraud and chargebacks, streamlines cancellation management, and transforms the guest’s experience at multiple points throughout their online and offline interactions with the hotel.”
Portfolio Of Services Of Iol Pay
By having one platform to process all payments directly for hotel chains across their properties, franchises, and affiliates, the platform can operate as a merchant of record for the hotel partner, “removing a huge administrative load” from hotels.
All digital payments made to vendors will receive rebates through iOL Pay.