Online foreign exchange marketplace ExTravelMoney has registered a double growth in transactions and a spike in user visits after the demonetisation move, said a company official on Friday.
ExTravelMoney which had a moderate transaction volume of 1.5 crore a month saw a sudden increase in transactions, with a 300 per cent spike in website traffic.
The immediate spike has since then moderated and stabilised at around 200 per cent now.
According to George Zachariah, CEO ExtravelMoney, one of the main challenges in gaining traction was the low public awareness about the existence of such an online forex platform.
"The recent demonetisation drive saw a sharp spike in online queries from people looking to buy foreign exchange. This ended up increasing our traffic organically, and a lot of people discovered ExTravelMoney without much need for marketing from our side," said Zachariah.
He added that the demonetisation drive curbed unauthorised foreign exchange activities and brought in more forex transactions under legal purview.
ExTravelMoney functions online as a website and also as iOS and android applications.
"The spike in traffic has brought the platform into more customer notice," Zachariah said.
The traffic spike has been registered from all over the country with a marked focus on the metro cities.
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