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Mobile technology provides opportunities for the hotel, travel, and hospitality industry. We are targeting a $1.5 trillion industry— travel and hospitality — that grew 5% in 2017 and has continued to grow at unprecedented rates, especially in areas like the Bay Area. Hotel and travel spending is being fueled by a new generation of tech-savvy and socially conscious travelers: Millennials who prefer experience over material items and mobile payments over checks and envelopes.
TipGenie's mobile app seamlessly facilitates financial transactions and social networking within the service industry.
We take on the inconvenience of cash, by taking out the friction and social awkwardness of service tipping. Our UX/UI enables meaningful, customized payment transactions, encouraging users to make emotionally intelligent decisions.
Our app will provide a simple, easy, streamlined mobile payment option between customers and business as well as customers to employees.
We are targeting a $1.5 trillion industry— travel and hospitality — that grew 4% in 2015 and rapidly on the rise. Millennials are fast becoming the biggest customer segment in this industry — surpassing boomers — traveling more, exploring further, taking time to relax and rejuvenate, and dining more frequently.
Millennials spent an estimated $226 billion for travel during 2015 and their spending is expected to grow another 10% in 2016. Millennial business travelers, who make up one-half of all business travelers, spend more company money than their Gen X and baby boomer colleagues.
The future of financial transactions is cashless payments and mobile-based money transfers.
For service employees and employers in industries who rely on cash-based tips, the shift toward cashless payments presents a growing challenge and inconvenience.
Nearly eight in 10 Americans carry less than $50 cash and two out of five carry less than $20 cash on a daily basis, according to Bankrate.com. Additionally, about 9% of consumers surveyed say they don’t carry cash at all.
When earnings decline, employees leave, service declines, revenue is lost.