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BookMyShow shutting down wallet service

BookMyShow shutting down wallet service
Shah Junaid/VCCircle

Mumbai-based online ticketing platform BookMyShow is shutting down its wallet service by the end of next month.

The company is asking its users to transfer the wallet money to their bank accounts or book entertainment preferences in advance by 28 February, it said in a statement.

In May 2016, the Reserve Bank of India (RBI) issued guidelines to digital wallet companies who wish to surrender their licences. RBI asked wallet firms to send notices to customers indicating that they can spend the amount in wallets or opt for a refund to their bank accounts within a time period.

Three months ago, in a fresh set of guidelines for prepaid payment instruments (PPIs), including e-wallets, RBI allowed interoperability and introduced stricter Know Your Customer (KYC) norms to prevent fraud and foster competition.

BookMyShow’s parent Bigtree Entertainment Pvt. Ltd was founded in 1999 by Hemrajani, Parikshit Dar and Rajesh Balpande. Bigtree Entertainment initially assisted theatres with inventory management and transitioning to ticket-booking capabilities online.

BookMyShow, launched in 2007, is an online platform that allows users to book tickets for movies, plays, sports and live events. It is now present in over 350 towns and cities across India.

Earlier this month, Gurgaon-based PayU India Internet Pvt. Ltd, which offers an online payment solution for individuals and businesses under PayUMoney, said it is shutting down of its wallet service by the end of this month.

In October 2017, domestic e-commerce major Flipkart was in talks to acquire a large minority stake in BookMyShow.

Amid talks of Flipkart’s investment, BookMyShow inked a deal with rival e-tailer Amazon to allow transactions on its platform using payments solution Amazon Pay.

BookMyShow has been on an acquisiton spree. In August 2017, it acquired video-on-demand platform Nfusion for an undisclosed amount in an all-cash deal.

In July 2017, BookMyShow, in which Reliance Industries-controlled Network18 holds a sizeable stake, acquiredrestaurant-discovery platform Burrp, another Network18-owned firm.

In February 2017, the company acquired 75% stake in Pune-based DIY (Do-it-Yourself) event registration and ticketing platform Townscript for an undisclosed amount.

In January 2017, it purchased Hyderabad-based ticket-booking platform MastiTickets for an undisclosed amount.

In March 2016, it bought a majority stake in Chennai-based fan relationship management solutions provider Fantain Sports Pvt. Ltd.

In July 2016, BookMyShow raised Rs 550 crore ($81.5 million) from existing and new investors.

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