Online travel agent MakeMyTrip will start selling foreign exchange and insurance to travellers via TripMoney Fintech Solutions, its fintech vertical, reports Varuni Khosla in Mint.
Launched in 2021, TripMoney focuses on the financial services needs of the Indian traveller. Currently, it operates as only an app-in-app feature on two websites, MakeMyTrip and Goibibo. But the company intends to make it an independent app and solution that will also be available to customers booking on any travel agency. Since its launch, the platform has facilitated about 500,000 trips so far and issued about 2 million insurance policies through its other vertical InsurTech.
According to the company, the aim is to build technology solutions to simplify travel-related financial services for a customer. “It will become a one-stop solution for Indian travellers by providing services like book now, pay later, forex and insurance products,” Rajesh Magow, Group CEO, MakeMyTrip said.
“We started TripMoney with consumer loans which were under the credit vertical offering money to travellers 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 said TripMoney gained traction by selling “bite-sized” insurance for travellers in the past year amid the pandemic-led uncertainty. In future, the company will also be looking at other financial services that Indian travellers need, such as forex. (Source: Mint)