Online ticketing platform BookMyShow has enabled near field communication (NFC)-based digital payments for its users at live events including music festivals, sporting events, food festivals, concerts etc.
Online ticketing platform BookMyShow has enabled near field communication (NFC)-based digital payments for its users at live events including music festivals, sporting events, food festivals, concerts etc. The company today announced a strategic investment in Pune-based payments technology startup AtomX to leverage its cashless payments platform on NFC cards, wristbands, key chains to boost its growth in the out-of-home entertainment space that includes ticketing, producing and managing on-ground operations across various live events.
Customers would be able to store cash as digital money in the devices fitted with NFC chip and pay by simply tapping it without worrying about managing cash or fear of losing it.
“As we broaden the out-of-home entertainment ecosystem, this investment will help us improve the customer experience while buying tickets and for on-ground services,” Anil Makhija, COO – Venues & Service Delivery, BookMyShow told Financial Express Online.
However, Makhija didn’t comment on the share of live-event tickets booking in the total bookings done on the platform in a given period.
“We are looking to unify both online and offline payments, enabling live entertainment events to accept contactless bank-issued cards beyond our close loop tags which offer users multiple options to tap and pay at all our live events,” said Abhilash Gowdara, Founder & CEO, AtomX.
Since AtomX allows data to be stored on the card itself, it would solve the challenge of low internet connectivity that remains a challenge at outdoor events, BookMyShow said.
“This investment gives BookMyShow the first right over the technology which we can further take to other event organisers in the space,” Makhija added.
Makhija, who also look at the deployment of new technologies at BookMyShow, will join AtomX’s board.
“We also strive to provide relevant data analytics, insights around events to vendors and organizers to better deliver the experience to our customers. Our partnership with AtomX will play an instrumental role in furthering this experience,” said Ashish Hemrajani, Founder and CEO, BookMyShow.
BookMyShow’s revenue for FY18 reportedly stood at Rs 400 million from Rs 332 crore in the preceding financial year even as its net loss increased to Rs 140.2 crore in FY18 from Rs 128 crore in FY17.
BookMyShow’s rival in movie and event ticketing space Paytm had strengthened its market with the acquisitions of Insider.in and TicketNew in 2017 and 2018 respectively.
The live events sector was worth Rs 7,500 crore in 2018 and is expected to grow over 14% to about Rs 8,600 crore in 2019, as per a FICCI EY report 2019.