An Overwhelming Preference: The Currency Imperative
The 2024 Travel Trends Report indicates that a staggering 75% of travelers consider it crucial to be able to buy travel in their local currency. This preference is even more pronounced among Asians, with 81% expressing a desire to do so compared to 71% of Europeans and 72% of North Americans. A survey by Amadeus further emphasizes this point, showing that 71% of travelers spend more when shopping in their own currency, 74% are concerned about the final bill when buying in a foreign currency, and 80% prefer to shop and pay in their own currency. These data clearly demonstrate the significant role that the currency imperative plays in shaping customer behavior.For travel companies, meeting this currency preference is of utmost importance. In today's business ecosystem, customers are at the center, driving economic growth. By allowing customers to make purchases in their local currencies, companies can enhance customer satisfaction and loyalty.Stealing the Show: Payments and the 'Fintech' Imperative
Parallel to the currency imperative is the rapid 'fintechisation' of the travel industry. As Montreal-based travel app Hopper.com states, the aim is to improve the traveler experience while unlocking new revenue streams. Features like frozen prices and travel insurance are becoming more prevalent, but payments solutions truly steal the show.Embedded payment gateways are all the rage among cloud-based property management system companies like Mews, as they enhance security and improve the guest experience. Other popular solutions include Buy Now Pay Later (BNPL) and instant payments. According to ACI Worldwide, 90% of travel firms consider fintech and payment as a priority, with BNPL and fast payments being the most widely considered new payment solutions.Instant payments also deserve attention. Many SMEs in the travel space see them as a way to achieve a healthy balance sheet while improving convenience, risk management, and cash flow. A recent survey by PYMNTS found that more than 8 in 10 hospitality SMBs send instant payments, and more than 4 in 10 use it as their most common payment method. Additionally, 79% of hospitality SMBs expect to send more payments using instant payment options, and 42% and 47% of those generating more than $1 million in annual revenue cite it as their most used method.Not So Fast: A Reality Check
While the potential of instant payments is great, US Federal Reserve Board member Christopher Waller warns that it may not lead to the seamless integration of the currency and Fintech imperatives as quickly as expected. In a recent speech at the Global Fintech Fest in Mumbai, he highlighted the technical challenges and the 'legal, compliance, settlement, and governance challenges' that need to be overcome.For example, achieving interoperability between fast payment systems across the world is not an easy task. However, a case in point is the incorporation of the Danish Krone into TARGET Instant Payment Settlement (TIPS), scheduled for April 2025. This shows that technical feasibility is not the only hurdle; the interplay between governments and the private sector within each country also adds to the complexity.Currencies as a Profitable Payment Method
Here's a bold assertion: The travel industry's focus on payments is preventing participants from capitalizing on the most commercially successful solution of all - currencies. Instead of seeing foreign exchange as a barrier, treating currencies as a profitable payment method opens up a world of opportunities.Thanks to multi-dealer platforms like 360T, corporate treasurers can execute trades in the currencies of small, well-managed economies in favorable liquidity conditions. This allows finance teams to expand the range of currencies used in daily commercial operations.FX-oriented Fintech solutions go beyond currency trading. They enable companies to automate currency management tasks such as pricing, risk control, and governance, which were previously unimaginable. These solutions can handle any number of transactions and currency pairs, a crucial feature in the travel industry. Moreover, they provide managers with the tools they need to sell in more currencies, buy in the currencies of suppliers, and centralize FX management.By addressing both the Fintech and currency imperatives simultaneously, bed banks, flight consolidators, OTAs, and airlines can become more customer-centric while remaining profitable. They can optimize FX markups, reduce cart abandonment, and improve credit risk. In the B2B sector, they can buy in the currency of suppliers to avoid FX markups and take advantage of interest rate differentials. Large bed bank operators can centralize FX management to reap the benefits of exposure netting and obtain better terms from banks.In conclusion, the travel industry has a unique opportunity to leverage the currency and Fintech imperatives to enhance the customer experience and drive profitability. By understanding and addressing the challenges and opportunities presented by these trends, companies can position themselves for success in the evolving travel landscape.Unraveling the Intricacies of Currency Movements
The Impact of the Dollar Index on Global Currencies
The dollar index's upward movement to 106.3 has significant implications for global currencies. As the world's reserve currency, any changes in the dollar index can lead to fluctuations in the values of other currencies. This ripple effect is particularly evident in the case of the Indian rupee, which has been affected by the continuous outflow of domestic stocks. The FPIs' actions have added to the pressure on the rupee, highlighting the interconnectedness of global financial markets. Understanding the impact of the dollar index on global currencies is crucial for investors and policymakers alike, as it can help them make informed decisions and manage risks effectively.
Moreover, the slowdown in the country's economic growth has further exacerbated the situation. The GDP growth rate of 5.4% in the July-September quarter is a cause for concern, as it indicates a deceleration in economic activity. This slowdown has put pressure on the central bank to take appropriate measures to support the economy and stabilize the currency. The upcoming central bank policy meeting will be closely watched by market participants, as it is expected to provide insights into the future course of action.
The Historical Performance of the Indian Rupee in December
Historically, the Indian rupee has shown a remarkable track record in December, with it appreciating 70% of the time over the past decade. This historical data provides some hope for the rupee in the current month. However, the current landscape seems to be different, with various factors such as the continuous outflow of domestic stocks and the economic slowdown weighing on the currency. Amit Pabari's statement that the current situation suggests a challenging road ahead highlights the need for a cautious approach.
While the historical performance of the rupee in December is an important factor to consider, it is not the only determinant of its future movement. Other factors such as global economic conditions, geopolitical tensions, and domestic policy decisions also play a significant role. Therefore, it is essential to analyze these factors in conjunction with the historical data to get a more accurate picture of the rupee's prospects in December.
The Short-Term Outlook for the Indian Rupee
The short-term outlook for the Indian rupee is uncertain, with it expected to remain under pressure in the near term. Pabari's prediction that the currency may remain in the range of 84.20 to 84.60 unless it decisively breaks below 84.20 indicates the volatility and uncertainty in the currency market. The continuous outflow of domestic stocks and the economic slowdown are likely to continue to put pressure on the rupee in the short run.
However, it is important to note that the currency market is highly dynamic and subject to various factors. Any unexpected developments such as changes in global economic conditions or policy decisions can have a significant impact on the rupee's movement. Therefore, market participants need to stay vigilant and be prepared for any potential surprises. The central bank's role in stabilizing the currency will also be crucial in the short term, as it will need to take appropriate measures to address the challenges faced by the rupee.
Ситуация с налогообложением
С одной стороны, для майнеров есть хорошая новость. Операции с цифровыми активами не будут облагаться налогом на добавленную стоимость (НДС). Однако, государство хочет знать обо всех операциях с криптовалютой до самых мелких деталей. И майнеры станут активно выявляться.
Согласно новому закону, криптовалюта признается имуществом. Это означает, что доходы от майнинга и торговли криптовалютой будут облагаться налогами, как и доходы от ценных бумаг. Для частных лиц ставки налога на доходы физических лиц (НДФЛ) составят 13% на сумму до 2,4 млн рублей в год и 15% - на все, что превышает этот порог. Теперь как организации, так и физические лица, находящиеся на территории РФ, будут обязаны сообщать в Федеральную налоговую службу (ФНС) об операциях с цифровой валютой. Если сумма поступлений и списаний за год превысит 600 тыс. руб., это станет обязательным.
Регистрация операторов майнинговых ферм
Операторы майнинговых ферм - предприятия, предоставляющие оборудование и инфраструктуру для добычи криптовалюты, должны зарегистрироваться в специальном реестре, за ведение которого отвечает ФНС. Более того, они будут обязаны предоставлять налоговой информацию о своих клиентах. Если они не передадут эти данные, им грозит штраф в 40 тыс. рублей.
Таким образом, если вы пользуетесь услугами таких компаний, ваши данные автоматически попадут в руки налоговиков. И вот тут уже представители власти могут заинтересоваться, насколько честно вы платите налоги.
Ситуация с соседями до нового закона
До сих пор, привлечь майнера к ответственности при помощи участкового возможности не было. Технически участковый не обладает компетенцией для выявления майнинга. Даже если соседи пожаловались, что майнинг вызывает перегрузку сети или шум, действия полиции будут ограничиваться сбором пояснений и составлением акта осмотра места происшествия, но только с согласия жильца.
Тем не менее, если майнинг вызывает проблемы, соседи имеют право обратиться к управляющей компании или ТСЖ, а также пожаловаться в Роспотребнадзор. Жильцы вправе также направить заявление в суд и даже получить компенсацию, если докажут причинение вреда (например, из-за перепадов напряжения вышли из строя приборы), однако на практике это единичные случаи.
Налоговое положение после вступления закона в силу
Теперь, с вступлением нового закона, частным майнерам, которые добывают криптовалюту дома, станет сложнее маскировать свою деятельность, а шансы попасть в неприятности вырастут. Например, если соседи или участковый вдруг заинтересуются, почему квартира потребляет слишком много электроэнергии, жильца вполне могут попросить объяснить ситуацию и в налоговой, а заодно проверить все доходы.
В таком случае важно помнить, что сам по себе майнинг не запрещен. Но если вы продаете добытую криптовалюту, с дохода нужно заплатить налог. Новый закон, по сути, выводит майнинг из серой зоны и ставит его на один уровень с традиционным бизнесом. Так что, если вы майнер, уже сейчас стоит подумать о том, как легализовать доходы и подготовиться к 2025 году. Ведь теперь налоговая будет знать о вас гораздо больше, а штрафы станут вполне реальными.