EaseMyTrip to launch a currency exchange service, apply for RBI license

Online travel platform EaseMyTrip is eyeing to launch a currency exchange service for which the company will apply for a full-fledged money changer license (FFMC) from the Reserve Bank of India (RBI). The company said that it is diversifying its portfolio especially to cater to the demands of international travel with the fresh license application to evolve 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 60000 travel agents with a much-needed service of currency exchange. 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, as per an official handout.

EasyMyTrip said that the fresh offering will allow the company mark its entry into the forex markets.

This avenue will also benefit customers who want to exchange their currency at a trusted vendor, especially one that puts its customers first, and who understands the needs of travellers across the world. The decision to enter into the foreign exchange market also rose after the company witnessed a substantial increase in international businesses looking to enter the Indian markets, according to a company statement.

“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,” Rikant Pittie, co-founder, EaseMyTrip, said.