Travel Up Group unveils ‘Fly Now Pay Later’ credit option

Travel Up Group unveils ‘Fly Now Pay Later’ credit option

Online firm Travel Up Group is the latest to adopt an instant credit service for flight payments.

The option will then be extended to include hotels, package holidays and other travel-related products.

Alternative finance provider Fly Now Pay Later is supplying the service following similar deals with Moresand Group, Brightsun Travel, Lycafly, and SkyLord Travel.

Fly Now Pay Later secured £20 million funding last year from Honeycomb Investment Trust to originate and manage a growing loan portfolio and expand its online holiday credit service across the travel sector.

The credit option enables consumers to spread the cost of their booking over three to ten monthly instalments, paying a one-off transaction fee at the time of booking.

Fly Now Pay Later also offers consumer protection in the event of financial failure by a travel provider.

Chief executive and founder Jasper Dykes said: “The service offers travel operators the opportunity to help increase conversion rates, deliver incremental revenues and introduce an additional revenue stream into their business.

“We believe it will bring great benefits, such as increasing consumer choice, boosting bookings and travel operator profitability, helping to spur travel market efficiencies and the sector’s overall growth.

“Over the past few years we have considerably enhanced our service, signed a number of high-profile travel partnerships and significantly increased our lending capability, which puts us on a course for robust growth this year. This will enable us to help travel operators further boost their performance and help consumers to fund their holidays across the entire travel sector.”

Travel Up Group chief executive Ali Shah added: “Our customers are increasingly looking for innovative travel solutions to put them in control of their holiday experience from the planning stage through to booking flights, hotels, car hire, attraction tickets and now payment terms.

“To give customers more choice of flexible payment options on travel products, Travel Up launched the Fly Now Pay Later initiative on flight only bookings last month and we’ve already seen hundreds of customers take up this payment option in its first month.

“We plan to roll out the initiative across all the products of the groups’ brands over the coming months and expect this payment method to be an increasingly preferred choice for many of our customers”.

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