MakeMyTrip to sell forex, insurance to travelers

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NEW DELHI : TripMoney, the fintech subsidiary of Nasdaq-listed MakeMyTrip, plans to become a one-stop solution for Indian travelers by providing services such as book now, pay later, currency exchange and insurance products.

TripMoney Fintech Solutions, an independent subsidiary of the online travel agency, focuses specifically on the financial services needs of Indian travelers.

Currently, TripMoney is just an app-in-app feature that works on its two websites MakeMyTrip and GoIbibo. But the company intends to make it an independent app and solution soon that will also be available to customers who book through any travel agency and not just through their platforms.

Since its launch, the platform has facilitated around 5,000,000 trips to date and issued around 2 million policies through its other InsurTech verticals.

The company said the move would involve a deeper play in the travel fintech space. It is a wholly-owned subsidiary that aims to create technology-driven solutions that will help simplify travel-related financial services for a customer.

“It will become a one-stop solution for Indian travelers by providing services such as book now, pay later, currency exchange and insurance products,” said group CEO Rajesh Magow. mint. “We started TripMoney with consumer loans that fell under vertical credit that offered money to travelers who wanted to travel and needed credit because sometimes the size of travel tickets can be large. That’s what made it happen. started to gain ground,” he said.

Magow added that during the pandemic or the last three or four quarters, TripMoney has operated and gained traction by selling “small” insurance for travelers during unpredictable covid waves. Going forward, the company will also look at other financial services that Indian travelers need, such as Forex. “Forex is a big need of the Indian consumer,” he added.

The company will have partners in the backend where it will either partner with NBFCs or banks or insurance companies for the execution and the risk part.

Research firm Redseer has estimated that the country’s buy now pay later market will reach $45-50 billion by 2026, from $3-3.5 billion now.

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