MakeMyTrip ties up with NBFCs, Banks, and fintech players for” BOOK NOW PAY LATER” accessibility
- ByStartupStory | May 19, 2022
MakeMyTrip, an online travel company declared that it partnered with NBFCs, Fintech players, and 15 Banks including IDFC Bank, Zest Money, HDFC Bank, and Capital float and Zest Money, for its ‘Book now pay later’ option for booking hotels or flights.
MakeMyTrip stated that its fintech business TripMoney has built a marketplace attracting NBFCs, 15 banks, and fintech firms, including LazyPay, Simpl, and Kissht to provide a convenient travel credit to consumers.
‘Book now pay later’ option is available on bookings of flights, hotels, and travels on MakemyTrip and Goibibo as well.
Founder Rajesh Magow stated “Currently, more than 75 percent of customers who opt for BNPL select no-cost EMIs (to be paid within 3 months) while the rest go for longer duration EMIs”.
Founded in 2000, the online travel firm has recorded a 60% increase in the book now pay later transactions option over quarter during the last year. The BNPL and EMI choices will make it easier for consumers to get short-term credit under favourable conditions. This will assist travellers in achieving their goals of travelling more often and to different places.
Travellers who choose to travel or book hotels without making payment are given short-term credit by the company’s partner NBFCs and banks using an underwritten platform that uses data science algorithms to evaluate clients’ creditworthiness.
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