TripMoney, MakeMyTrip’s fintech arm, has established a marketplace attracting 15 leading fintech players and NBFCs/Banks including Capital float, Zest Money, IDFC Bank, Kissht, Lazypay, Simpl, HDFC Bank among others, to offer easy travel credit to the travellers
MakeMyTrip Ltd, India’s leading online travel company, is reshaping how Indians pay for their travel by introducing Book Now Pay Later (BNPL) payment option while booking travel (flight or hotels) on MakeMyTrip as well as on the Goibibo app.
TripMoney, MakeMyTrip’s fintech arm, has established a marketplace attracting 15 leading fintech players and NBFCs/Banks including Capital float, Zest Money, IDFC Bank, Kissht, Lazypay, Simpl, HDFC Bank among others, to offer easy travel credit to the travellers.
Besides offering BNPL, the company also offers an easy EMI facility from leading banks to provide greater flexibility and payment options to travellers.
The process of opting for a BNPL option through the platform is easy and hassle-free. Aspiring travellers who opt to travel without making any payment at the time of booking are provided short-term credit within a few seconds by the partner NBFCs and Banks through an underwriting platform that evaluates customers’ creditworthiness using data science models.
“Over the years, MakeMyTrip has played a key role in redefining travel experiences for customers in India. BNPL and EMI options will help provide easy and quick access to short term credit for our customers on attractive terms. This will help travellers to meet their aspirations to travel more frequently and to newer destinations.”
— Rajesh Magow, Co-Founder and Group CEO of MakeMyTrip
The initial response to BNPL on the MakeMyTrip platform has been very encouraging. The company has seen 60% growth in BNPL transactions quarter-on-quarter over the past one year. Currently, more than 75% customers who opt for BNPL select no-cost EMIs (to be paid within 3 months) while the rest go for longer duration EMIs.
Speaking on the benefits of the varied flexible payment options offered by the company, Rajesh Magow, Co-Founder and Group CEO of MakeMyTrip, said, “Over the years, MakeMyTrip has played a key role in redefining travel experiences for customers in India. BNPL and EMI options will help provide easy and quick access to short term credit for our customers on attractive terms. This will help travellers to meet their aspirations to travel more frequently and to newer destinations.”
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