Higher costs forcing companies to rethink travel spend

BTN News
Saturday, 29 June 2024

A Global Business Travel Association (GBTA) study showed 73 per cent of company managers in Asia-Pacific were conscious of travel costs affecting their budgets, with 54 per cent and 15 per cent concerned about economic factors and geopolitics respectively.


When economies appear to struggle, business travel often is the first area to suffer.

On the upside, travel budget restrictions can lead to better internal digitalisation and automation of budget and expenditure management.

Chavi Jafa, head of commercial and money movement solutions Asia-Pacific at Visa, has been quoted as saying these factors may have prompted higher demand for virtual cards because they can be tailored to work only within specific budgets and for specific purposes, ensuring the cards are not being used inappropriately.

Visa also reports some companies are cross-allocating previously trip-only budgets to advertising.

Higher costs forcing companies to rethink travel spend

BTN News
Saturday, 29 June 2024

A Global Business Travel Association (GBTA) study showed 73 per cent of company managers in Asia-Pacific were conscious of travel costs affecting their budgets, with 54 per cent and 15 per cent concerned about economic factors and geopolitics respectively.


When economies appear to struggle, business travel often is the first area to suffer.

On the upside, travel budget restrictions can lead to better internal digitalisation and automation of budget and expenditure management.

Chavi Jafa, head of commercial and money movement solutions Asia-Pacific at Visa, has been quoted as saying these factors may have prompted higher demand for virtual cards because they can be tailored to work only within specific budgets and for specific purposes, ensuring the cards are not being used inappropriately.

Visa also reports some companies are cross-allocating previously trip-only budgets to advertising.