Paul Merchants on a growth trajectory
In conversation with TTJ, Rajneesh Bansal, Managing Director, Paul Merchants, delves into the company’s performance in 2023 and provides insights into the anticipated trajectory for 2024.
With over three decades of expertise, Paul Merchants is a Chandigarh-based conglomerate boasting 250 nationwide offices and a seasoned workforce. Operating in diverse sectors, including inward money transfers, foreign exchange, tours and travel, gold loans, insurance, and prepaid payment cards, it stands as a versatile industry leader.
Eyeing Robust Growth in 2024
Despite the high cost of international airfares and international conflicts, 2023 has been a rewarding year for Paul Merchants. “Indians are travelling overseas in large numbers, and international flights are full. At the same time, domestic tourism has seen a huge surge, and the domestic hotel industry has had a rewarding year,” says Rajneesh Bansal.
He further explains, "Currently, we are faring much better than the pre-COVID years and are happy with the overall growth we are experiencing. We are very optimistic that 2024 will be an even better year for our industry. The buoyancy in the market has given us confidence for further expansion, and we are targeting opening 50 more offices across the country in 2024."
Product Power
In the realm of outbound travel, Paul Merchants focuses on key markets such as Dubai, Abu Dhabi, Thailand, and Vietnam. Leveraging robust partnerships with DMCs in these destinations and supported by an extensive network of offices across India, their proficiency in FOREX and remittances creates a compelling value proposition for both business partners and clients.
Paul Merchants has introduced a prepaid rupee payment card on the userfriendly RuPay platform for the domestic market. Easily obtainable via an online app and mandatory KYC, the card boasts widespread popularity, with one lakh cards already in circulation and a rapidly increasing user base.