BookMyShow invests in payments technology company AtomX

Pune-based payments technology company AtomX has raised an undisclosed amount of capital from BookMyShow. The investment will help BookMySHow to provide customers an enhanced cashless experience for its on-ground events. The investment will see BookMyShow’s Anil Makhija join AtomX’s Board of Directors. At the firm, Makhija leads the operations and service delivery verticals, while also overseeing deployment of new on-ground technologies at the firm.

The investment will allow BookMyShow to enable cashless payments platform and solutions on Near Field Communication (NFC) cards, wristbands, key chains which consumers can use for digital payments at various events. The solution enables users to store cash in the form of digital money in their NFC chip and simply tap and pay and buy. It can be used by vendors and consumers alike, allowing data to be stored on the card itself.

“As we broaden the out-of-home entertainment ecosystem, we continue to improve every aspect of that customer journey. This includes safer and smoother digital transactions both, while buying tickets and for on-ground services. We also strive to provide relevant data analytics, insights around events to vendors and organizers to better deliver the experience to our customers. Our partnership with AtomX will play an instrumental role in furthering this experience,” said Ashish Hemrajani, Founder and CEO, BookMyShow.

Abhilash Gowdara, Founder & CEO, AtomX, “We are looking to unify both online and offline payments, enabling live entertainment events to accept contactless bank issued cards beyond our close loop tags which offer users multiple options to tap and pay at all our live events.”

ET had earlier reported that BookMyShow, posted a 30% increase in operational revenue in fiscal 2018, with strong growth in non-movie operations. The company posted revenue of Rs 391 crore for the year through March 2018 while its loss widened for the year, as it continued to spend on expanding the non-movie ticketing segment.