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Tech in Singapore Mobility Travel Tech

utu Acquires CardsPal in $33 Million Deal to Revolutionize Global Tax-Free Shopping

Emmanuel Oyedeji profile image
by Emmanuel Oyedeji
Updated
utu Acquires CardsPal in $33 Million Deal to Revolutionize Global Tax-Free Shopping
Photo by Eva Darron / Unsplash

The travel industry has rebounded after the pandemic, with the World Travel and Tourism Council (WTTC) forecasting a recovery to 95% ($9.5 trillion) of pre-pandemic levels by 2023.

But, the tax-free shopping sector has lagged behind in innovation, and the high cost of refund processing has limited the benefits for travellers.

Emmanuel Oyedeji profile image
by Emmanuel Oyedeji
Updated

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