Business travel ‘well on its way’ to full recovery in ‘robust resurgence’ for sector

An accelerated rebound in passenger travel is propelling global economic growth, according to payment network UATP.

Internal data from the company indicates that business travel is "well on its way to a full recovery," it says, defying some predictions that it would take until at least 2024 for a complete comeback.

Leisure travel has also regained its full strength, showcasing what UATP describes as a "robust resurgence in the sector".

The insights into the state of travel were captured through UATP's proprietary technology, the company's global transaction processing system, ATCAN. As a notable provider of payment solutions for corporate travel, UATP's observations provide some sound insights into the sector.

UATP says it has reached 95% of 2019 volume levels for corporate travel in 2023, while leisure travel shows growth well over 100% within the same period.

"This is fantastic news for the airline and broader travel industries, as well as overall economic growth, which relies on travel connectivity," explains Ralph Kaiser, UATP's President and CEO.