ExTravelMoney.com sees a jump in transactions after demonetisation
KOCHI: With curbs on unauthorised foreign exchange activities following demonetisation, ExTravelMoney.com, an online foreign exchange platform, has seen a jump in the transactions.
The startup launched couple of years ago witnessed 300% increase in transaction volumes from 1.5 crore a month immediately after demonetisation and has since then stabilised to around 200 % of the earlier numbers.
"The recent demonetisation drive saw a sharp spike in the online queries from people looking to buy foreign exchange. This ended up in increasing our traffic organically," said CEO George Zachariah.
He said the traffic increase has come from all over the country with a marked focus on Bengaluru and Delhi. "As more people have come to know of the platform we expect a rise in customer base and overall transactions in the long run," Zachariah said.
The company functions online as a website and in iOS and android applications and provides the customers a list of authorised exchange houses and their rates offered, from which they can choose one. The competition among the different forex providers in the platform leads to better deals for the customers. The company has tieups with 14 exchange houses.
The company is looking to expand further to south east Asia, Gulf countries, Europe and the US in the their next phase.
The startup launched couple of years ago witnessed 300% increase in transaction volumes from 1.5 crore a month immediately after demonetisation and has since then stabilised to around 200 % of the earlier numbers.
"The recent demonetisation drive saw a sharp spike in the online queries from people looking to buy foreign exchange. This ended up in increasing our traffic organically," said CEO George Zachariah.
He said the traffic increase has come from all over the country with a marked focus on Bengaluru and Delhi. "As more people have come to know of the platform we expect a rise in customer base and overall transactions in the long run," Zachariah said.
The company functions online as a website and in iOS and android applications and provides the customers a list of authorised exchange houses and their rates offered, from which they can choose one. The competition among the different forex providers in the platform leads to better deals for the customers. The company has tieups with 14 exchange houses.
The company is looking to expand further to south east Asia, Gulf countries, Europe and the US in the their next phase.
