MakeMyTrip teams up with banks to offer ‘Book Now Pay Later’ option

The BNPL (book now pay later) payment has been introduced on MakeMyTrip on bookings for flights, travel, or hotels as well as on the Goibibo app

MakeMyTrip, the online travel company, has recently said that it has collaborated with 15 banks, fintech players, and NBFCs, including IDFC Bank, HDFC Bank, Zest Money, and Capital float for 'book now, pay later' while booking hotels or flights.

In a statement, MakeMyTrip said that its fintech arm TripMoney has recognized a marketplace attracting 15 banks, NBFCs, and fintech players, including Lazypay, Simpl, and Kissht, among others, for offering easy travel credit to travelers.

The BNPL (book now pay later) has been unveiled on bookings for flights, travel, and hotels on Goibibo and the MakeMyTrip app, it added further.

Rajesh Magow, MakeMyTrip Co-Founder and Group CEO said that the EMI and BNPL options will help offer its customers quick and easy access to short-term credit on attractive terms. This will aid travelers in meeting their ambitions to travel more regularly and to newer destinations.

The online travel services company said that the preliminary response to BNPL on the platform MakeMyTrip has been very inspiring, and it has observed 60% growth in transactions of BNPL quarter on quarter over the last year.

It said that at present around 75% of customers who will be opting for BNPL choose no-cost EMIs, which are expected to be paid within three months, while the rest go for longer durations EMIs.

Travelers who opt for traveling without making any payment at the time of booking are provided short-term credit by the partner NBFCs and banks via an underwriting platform that assesses the creditworthiness of customers with the help of data science models.

Source Credit - https://www.business-standard.com/article/companies/makemytrip-partners-with-banks-nbfcs-for-book-now-pay-later-option-122051900619_1.html