“Mobile payment is probably two or three years ahead of the rest of the world in China,” says Sebastien Bazin, the CEO of Accorhotels. “And in China there are two means of payment – Alipay which is Alibaba, and Tencent, which is the owner of Wechat. It is absolutely evident that in two years, 90 percent or maybe even 100 percent of transactions in China will be mobile payment driven, and that means no cash, no credit card.” “It means that in the travel industry I can tell you as a matter of certainty that in five or six years, 100 per cent of travel transactions when it comes to travel will be mobile. And the technology exists in China, US and maybe Israel. And guys like us had better adapt. If we don’t have the terminals for accepting those payments, we’re in trouble. And the cost of competing is too high for me to pay because the people who invented the technology have 30,000 engineers, and I have maybe 1,000. So I can’t compete, and even if I did, by the time I catch up they would have moved on, so we have an obligation to partner in the next 12 or 18 months with either someone in the US or China, because I can’t invent it. So it’s mobile payments which will shake the hospitality place. And we have to do that because clients want it.” For the powerful Online Travel Agents (OTAs) such as CTrip in China, Expedia in the US and booking.com in Europe, Bazin thinks that the real threats will come from interactive technology and specifically devices in the home. Get the full story at Business Traveller