Online travel company MakeMyTrip said Thursday it has partnered with 15 banks, NBFCs and Fintech players, including HDFC Bank, IDFC Bank, Capital Float and Zest Money, for “book now pay later” option when booking flights or hotels.

MakeMyTrip said in a statement that the company’s fintech arm, TripMoney, has built a marketplace that has attracted 15 banks, NBFCs and fintech companies, including Kissht, Lazypay and Simpl, among others, offering travellers easy access to travel credit opportunities for the opportunity. It added that book now pay later (BNPL) payment is now being introduced on MakeMyTrip as well as travel, flight or hotel bookings on the Goibibo app.

“The BNPL and EMI options will help our customers to get short-term credit easily and quickly with attractive terms. This will help travellers meet their desire to travel more frequently and to newer destinations,” MakeMyTrip Co-founder and Group Chief Executive Rajesh Margo said.

The online travel services company said the initial response to BNPL on the MakeMyTrip platform has been very encouraging, with BNPL’s transaction volume increased by 60 per cent month-on-month over the past year. “Currently, over 75 per cent of customers who opted for BNPL opted for no-cost EMI (payment within 3 months), while the rest opted for EMI with a longer-term,” it added. Through an underwriting platform that uses data science models to assess customer creditworthiness, partner NBFCs and banks offer short-term credit to travellers who choose to pay nothing when booking, the company said.