A whopping 50% increase was witnessed among people taking loans for traveling
The age group between 20-30 made the maximum, 53% bookings
SanKash, the fastest growing AI-powered platform which aggregates BNPL and consumer financing providers, today announced that it has witnessed a 102% increase in loan amounts from travellers in this quarter, compared to the last one. The States in the Southern part of the country accounted for majority of these bookings (39%), followed by North (30%), West (27%) and East (4%). There has also been a 50% rise in the number of people taking travel loans. It was also seen that the age group between 20-30 made the maximum bookings with a massive 53%.
Buoyed by post COVID economic recovery, the travel and tourism industry in India is looking up. People have started taking loans to travel after a period of prolonged lockdowns and travel restrictions. Interestingly, a majority of Indians are choosing international destinations over domestic ones. Most number of booking came from states like Goa, Andaman and Kerala and countries such as Male, Dubai and Denpasar (Bali).
To put a date, the industry witnessed a robust recovery since March 2022. Travel agents and operators are seeing significant growth in booking compared to last year as consumers’ confidence is returning.
Commenting on the travel trends, Akash Dahiya, Co-founder, SanKash, said, “While before COVID-19, people were traveling for different reasons, after the pandemic specifically, travellers are majorly looking for rich and meaningful experiences. More and more customers are seeking to tick off their bucket list items. In Q2, we saw a stark preference for international destinations, with bookings amounting to 75% for international destinations and 25% for domestic destinations. We are further expecting a 70 to 80% increase in Q3 nos. in comparison to that of Q2.”
“Travelers are also preferring big, open spaces where they can stay active and around their Co-travellers instead of being restricted. Additionally, celebrating special moments together with loved ones has more value now than ever before,” he added.
With the travel first approach, SanKash is a team of travel enthusiasts and Finance technocrats offering a plug-n-play API platform that allows merchants to embed a single “pay later” button at the checkout by aggregating multiple consumer financing providers.
Given the dynamic pricing & fast-moving inventory as characteristics of travel, SanKash solves the complexity by focusing on designing products and solutions which help travel payments work for everyone: the travel merchants, lenders, and travelers. Through SanKash, travel merchants enable travelers to spread the cost of their travel into digestible payments spread over a period of 3 to 12 months.
Over the last few years, the Indian market has witnessed multiple BNPL providers which made it easier for customers but difficult for merchants to select which BNPL provider to go with. Sankash’s proprietary AI and ML-powered logical engine solve this problem by aggregating all BNPL providers to offer seamless Travel Now Pay Later option to travel merchant’s customers while keeping all cross-selling opportunities unique to the travel merchant.
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