Peer-to-peer payments: A no brainer on vacation

Every year, like clockwork, we become overwhelmed with the urge to pack our bags and go away on vacation. The Koosmik team are no exception, but what uses are there for mobile payments abroad?

From flight reservations, to booking attractions, the vacation industry has fallen victim to internet disruption. This has equally had an effect on peer-to-peer payments which over the years have become faster and more convenient. A recent study on the use of mobile payment solutions abroad found that 37% of millennials and 29% of Gen Xers use various peer-to-peer payment solutions while travelling. Mobile payment solution can indeed be a useful tool for holiday makers as people tend to be more comfortable with settling a group bill when they can be reimbursed instantly and in real-time.

Koosmik decided to undergo their own study to test this theory, asking the team to share their own experiences of using peer-to-peer payments abroad. Here are their testimonials.

Céline – The Multilingual Legal expert
A week before I was due to go on holiday to San Francisco, I realised that I was a bit low on funds, I had already spent a lot of money on booking my trip and on vacation outfits. Luckily I remembered I hadn’t filled out my expenses for the past few months. After having tallied them up I was delighted to see that I had accumulated a significant amount. I sent a request via Koosmik to accounting and within minutes it was accepted and my balance was replenished.  Not having to wait until the next pay check and being compensated instantly was a life saver.

When traveling with friends you find you have to share the cost of everything which can get complicated when it comes to balancing it out, usually this leads to a trail of IOUs and a lot of confusion.

Kevin – The DJ Geek
In July I did a tour of Italy with my friend, our travel itinerary was packed with visits and activities, to save time we took it in turns to pay for things. This is where Koosmik really came in handy as we were able to pay each other back in real time and instantly. I also found it very useful to be able to title each transaction or even add a photo of the receipts which made keeping track of our expenses effortless.   

Emily – Start-up Angel
Depending on your chosen destination, you may encounter issues with paying by card or withdrawing cash. I always have trouble abroad with my Vpay as many card machines don’t accept it. I have also encountered ATMs that require you to swipe a debit/credit card in order to access the machine. This is unfortunate for those who do not have a credit card and only have a Vpay. I always end up owing money to my traveling companion. This can be tricky when it comes to keeping track of your IOU’s. It happened again when I was in Berlin last month, however this time I was able to pay back my friend instantly through the app. I was able to enjoy my holiday, stress free.

Quentin – The Wiley Intern
Last week I was in Barcelona for a short break, this is such an amazing destination for socialising and meeting new people. One night, I was at a bar and someone noticed me accepting a payment request on Koosmik from my roommate for bill money. He asked me about the application and I ended up referring him and dozen other people. They all used the app to share their bar tab. This earned me 5000 miles and I made a bunch of new friends.

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Emily Cooper

Emily Cooper

Emily studied film and media production, she has worked in Film, Events and Marketing in both London and Luxembourg. At the Blue Hub; Emily holds the fort, keeps the staff happy and manages Koosmik’s community and marketing.

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