The travel and tourism industry is worth nearly $1.6 trillion globally and accounts for one-tenth of the world’s GDP. Despite this vast market, the industry is dominated by monopolies. This is quite evident in the space for travel booking services. Major players like Booking.com, Expedia, and Airbnb have become the go-to places for finding hotels and rooms but they all charge fees for the vendors while payment processing charges a fee on the customer. According to the Vietnam-based travel tech startup Concierge, up to 50 percent of transaction value goes to middlemen like booking services and not the actual service…
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