BookMyForex, Razorpay tie-up for faster payments; to work on easy transactions

India's largest online marketplace BookMyForex has announced its collaboration with quickest payment gateway services, Razorpay to ease transactions among customers and vendors.

With this association, BookMyForex aims to further strengthen its transnational processes by minimizing the time taken to serve customers and enhancing the convenience quotient for vendors.

BookMyForex, until now, worked on a model wherein customers looking to buy foreign exchange products online would sign into the BookMyForex page which then shared the account details of the vendors with the customers.

However, the customers would add these vendors as beneficiaries and then initiate the payment. The entire process took a longer period of time as the vendors had to be added as beneficiaries, without which the process could not move further.

Razorpay, with its unique and highly efficient solution, will now allow customers of BookMyForex to make payments instantly, as BookMyForex will add these vendors as linked accounts on the Razorpay dashboard via the APIs. This will allow vendors to accept instant payments with negligible waiting time.

"While customers always preferred the BookMyForex platform for any foreign exchange product or service, we realized that we needed a much faster, instant payment gateway service that could facilitate both the vendors and the travelers through increased speed of processing," said co-founder CTO BookMyForex, Nitin Motwani.

"Via dedicated APIs, Razorpay has solved the complexity of manual reconciliations in transactions through easy monitoring and tracking on the dashboard. It has also reduced the time of transactions considerably, resulting in both customers and vendors getting their desired services and payments in an instant," added Motwani.

The coming together of BookMyForex and Razorpay has facilitated the former to easily split money to the vendors and has enhanced the online marketplace's control over the flow of money.

With satisfied customers and vendors, both demand and supply of services has seen a massive surge for BookMyForex, resulting in great growth via the Razorpay route.