Tuesday, April 23, 2024

MakeMyTrip’s fintech arm TripMoney to offer forex, insurance to travelers

Nasdaq-listed MakeMyTrip’s fintech subsidiary TripMoney plans to become a one-stop solution for Indian travelers by providing services like book now pay later, forex and insurance products.

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

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

Since its launch, the platform has facilitated about 5,00,000 trips till date and issued about 2 million policies through its other vertical InsurTech.

The company said this move will involve a deeper play in the travel fintech space. This is a wholly owned subsidiary and is targeting to build tech-led 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 like book now, pay later, forex and insurance products,” group CEO Rajesh Magow said in a report to LiveMint.com.

“We started TripMoney with consumer loans which were under the credit vertical offering money to travelers who wanted to travel and needed credit since sometimes travel ticket sizes can be big. That’s what started to gain traction,” he said.

Magow added that during the pandemic or the last three or four quarters, TripMoney has been running and gaining traction by selling “bite-sized” insurances for travelers during unpredictable covid waves. In future the company will also be looking at other financial services that Indian travelers need like Forex.

“Forex is a big need of the Indian consumer,” he added.

The company will have partners in the backend where it will be tying up with either NBFCs or banks or the insurance companies for the fulfillment and risk part of it. Research firm Redseer estimated 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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