Travelling abroad is exciting, but hunting for the best forex rates can feel like a detour from the fun. That’s where BookMyForex steps in—India’s first tech-driven forex platform and a leading player in online retail forex and international money transfers. As part of the MakeMyTrip Group, BookMyForex ensures travellers get the best deals through real-time rate comparisons from its own network of branches, banks, and RBI-licensed money changers. Offering a comprehensive suite of forex solutions—currency notes, prepaid travel cards, wire transfers, and more—the platform caters to every travel need, be it personal vacations, studying abroad or business trips, across 650+ cities.
For a service where reliable payments are critical, BookMyForex turned to Razorpay to ensure every transaction is as smooth and stress-free as planning the perfect itinerary. Since then, BookMyForex has not looked back, growing 6x over the course of this partnership.
Tackling BookMyForex’s Payment Pain Points
As BookMyForex expanded its operations and customer base, the complexities of managing payments, validation, and payouts became increasingly evident. Operating in a highly regulated industry, the company needed innovative solutions to overcome these hurdles and deliver a seamless experience to its users.
Seamlessly Routing Forex Payments
- While NEFT was the preferred mode of payment for customers initially, it brought several challenges for BookMyForex. Managing and routing payments directly from customers to multiple forex issuers was difficult to track and control. This lack of transparency complicated operations and delayed processes.
- Razorpay introduced a payment-splitting model that seamlessly routed funds from customers to money changers. This innovation provided real-time updates, improved transparency, and streamlined the entire payment process for all stakeholders.
Boosting UPI Payments
- With UPI’s growing popularity and the government’s push for broader adoption, its presence in the payment landscape has been steadily expanding.
- Razorpay enabled BookMyForex with success rate boosting features like Dynamic Routing, Native Intent and UPI Number. These features resulted in a 3.14% increase in their UPI success rate.
Simplifying Payment Verification
- Validating customer payments was a tedious process that required customers to upload bank statements, causing delays and inconvenience. This manual verification was not only time-consuming but also prone to errors.
- Razorpay addressed this issue by incorporating a penny validation system, allowing payments to be instantly verified without additional customer effort. This enhancement significantly reduced friction and ensured a smoother experience for everyone.
Enabling Real-Time Payouts
- Payouts to customers previously relied on methods like NEFT, RTGS, or cheque payments, which lacked speed and predictability. BookMyForex faced challenges in providing clear timelines to customers, leading to uncertainty.
- With RazorpayX, automated payouts became a reality, enabling real-time transfers through APIs. Customers gained clarity on timelines, and BookMyForex improved operational efficiency.
Optimizing Payment Insights
- Analyzing payment success rates and tracking trends manually was a cumbersome and resource-intensive task. BookMyForex needed a better way to monitor and optimize payment performance.
- Razorpay’s dashboard transformed this process, providing an intuitive, data-rich platform for real-time insights. This allowed the team to make informed, strategic decisions, driving continuous improvement.
Unwavering Support
- Navigating the complexities of a dynamic industry requires reliable support, but such consistency can often be hard to find.
- Razorpay’s client-first approach ensured that BookMyForex always had a dedicated team to address their challenges. The account managers have been proactive, responsive, and instrumental in resolving issues swiftly, making Razorpay an invaluable partner.
Partnering for Smarter, Reliable Payment Journeys
In an industry where reliable and efficient payments are vital, Razorpay has been a key partner for BookMyForex, offering innovative solutions to address complex challenges. From enabling transparent payment routing to automating payouts and providing real-time insights through their intuitive dashboard, Razorpay has consistently supported BookMyForex in delivering a seamless and customer-focused experience. This partnership continues to strengthen payment processes in the dynamic forex landscape.
