EaseMyTrip plans to foray into currency exchange service

NEW DELHI: Online travel services provider EaseMyTrip on Monday said it is planning to foray into currency exchange service for which it will be applying for a license to the Reserve Bank of India.

The company is expanding its offerings and is now, planning to launch a currency exchange service. It will enable customers to easily convert their currencies to local tenders, EaseMyTrip said in a statement.

It will apply for a full-fledged money changer license (FFMC) from the RBI, the company added.

"Acquiring this license will enable EaseMyTrip 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," the statement said.

Commenting on the plan, EaseMyTrip co-founder Rikant Pittie 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, he said, adding "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".

EaseMyTrip said through the introduction of the currency exchange service, it will be able to provide its more than 11 million customers and nearly 60,000 travel agents with a much-needed service.

The decision to enter into the foreign exchange market also came after the company witnessed a substantial increase in international businesses looking to enter the Indian markets, it added.