Goibibo, the online travel portal, has launched goCash, a virtual currency that will allow customers to get instant refund from cancellations and use it instantly to make another booking across all the travel services available on the portal.
The service is more like a mobile wallet for collecting cancellation refunds, as customers will not be able to load cash into the card any other way.
According to the portal, at an average 2 out of every 3 customers book again within 10 days of cancellation, but banks can take upto 15 business days to credit refunds back into the customers account. goCash will help solve this issue as it is safe, secure and has no expiry or no delays in refund.
How goCash Works
When a customer makes cancellation of a service on goibibo, they are offered an option to opt for refund via goCash, instead of a refund through debit/credit card.Once goCash is chosen, the amount is credited into the customer’s goibibo account and using the credit they can instantly book another ticket on travel portal.
While making a new booking, if the customer is logged in and has goCash in his account, the portal will automatically deduct the booking amount from goCash and the customer will only have to pay the difference of cost, if any.
Customers can access their goCash account to check and see the various transactions made and their status.
As a launch offer, the travel portal is offering customers a 2% bonus goCash, this offer is valid for a period of 3 months from launch.
This service seems to be a clever one as most customers can easily track cancellations refunds and make bookings, especially when a lot of users are not really aware of the refund amount until it has been credited back to their bank accounts or credit cards. In the case of goCash, the amount can be seen instantly and can be reused.
In November last year, Indian railways launched a new e-wallet service to make booking e-tickets easier for customers. To use the service customers have to open an account with the ticketing site and fill it up with money in order to use it at the time of booking.
This service was seen as a positive move as a lot of banking and credit card transactions on IRCTC portal failed frequently. But the service had a few drawbacks.The service was not available from 8:00 AM to 12:00 PM and that the money from the e-wallet cannot be credited back to the source.