Enabling Technologies

Payment process champions series: BookmyShow

MEDICIFounder and Chief Strategy & Innovation Officer

I have to admit that I am an extreme movie buff. I find it very refreshing to watch a movie after hectic work weeks. I watch a movie every weekend. I can easily say that last 60 times (that would be around 65 weekends) tickets are booked for movie on my mobile. It should be noted that most of the times these movies were booked using BookmyShow and that's because it's a fantastic app and entire process is so seamless that there is no better way to book movie tickets in Bangalore and perhaps India (lets us know about your ticket booking preference in Comments below).

What I like about the app is that within 3 to 4 steps you can select a movie, choose the offers and then you choose payment options and add your ticket to apple passbook. It will also save you from long queues in booking line. You can see through the slideshow below, how easy it is to book a movie ticket through BookmyShow.

[widgetkit id=1009]

The slideshow above, walks you through the entire ticket booking process. The one below, walks you through the authentication and ticket confirmation process.

[widgetkit id=1014]

It's also interesting to note that there are tons of offers not only from credit cards and debit cards but also prepaid cards as well as Airtel money and movie money.

The entire process of going 1-2 hours early and standing in queue was so inefficient in India. Infact people use to go only to find that tickets got sold. Bookmyshow, ticket genie, kyazoonga and others have done a good job.

The whole process can be made even more seamless and easy if you save your contact details as well as credit card details so you don't have to enter those again. It becomes a one click process in bookmyshow.

I think in a country where 96% of transactions happen in cash, mobile recharges, movie tickets and phone/electricity bill payments are great examples of how things can become simple. These categories of payments have been transformed by online and mobile payments.

When you want to watch a movie, you should be doing just that. Not worried about whether you will get a ticket, or how long you will have to stand in the queue. With BookmyShow you can also select the best seat available and using your apple passbook ticket just key in the pin in the kiosk, take your ticket and enter the movie hall.

The whole process can be improved if the QR that is generated could be read by a scanner at movie halls. Its high time movie hall chains like Inox and PVR should bring these QR readers and machines so that people can simply pass through without having to go to a kiosk.

LTP View: I have always believed that the biggest dent that anybody can put in the payments industry are the merchants/retailers. Nobody else is so central to the payments value chain, its not the banks and not the technologists. The reason is that a good payment system should be deeply integrated into the entire purchasing process. It should not stick out but should be an integral part in the service/product consumption process. Uber and Bookmyshow are great examples of that.

Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.

Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.

Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.