EaseMyTrip aims to foray into forex biz; will apply for Full-Fledged Money Changer License from RBI
EaseMyTrip aims to launch a currency exchange service, and for this will apply for a Full-Fledged Money Changer License (FFMC) from the Reserve Bank of India (RBI). It will enable customers to easily convert their currencies to local tenders. Acquiring this license will enable EaseMyTrip to offer to extend its portfolio and offer one of the core services needed for international travel, furthering its mission of developing the company into a complete travel ecosystem.
Through the introduction of this service, EaseMyTrip will be able to provide its more than 11 million customers and nearly 60,000 travel agents with currency exchange service. Furthermore, foreign currency numbers are huge as the demand for international travel continues to grow exponentially. Through this service, customers who want to exchange Indian currency for an international banknote will be able to do so at ease. Similarly, international travellers coming to India for their travels can also avail of this service and get their international currency exchanged into Indian currency.
The decision to enter into the foreign exchange market was taken after the company witnessed a substantial increase in international businesses looking to enter the Indian markets.
Speaking on the development, Rikant Pittie, Co-Founder, EaseMyTrip said, “EaseMyTrip has been offering its value added services to its users for the past 13 years, which is why we decided to apply for the license. The introduction of a forex service stands as the next best step in becoming a complete travel ecosystem. It will also permit us to become an integral part of the greater national forex footprint, enabling us to increase our turnover over the course of the coming years.”