Hop is a new-age digital banking platform which provides Indian international travelers a seamless and economical mechanism for exchanging money through a digital account and a multi-currency debit card with an app. Travelers can exchange currency at near real-time inter-bank rates with low mark-ups with just a few taps on the Hop app.

The solution caters to a large market with over 30 million outbound travelers (expected to go uptown 50 million by 2021 by WTO) and approximately 20 million inbound travelers exchanging close to $50bn through cash, forex card or debit/credit card, each of which is either expensive, does not have transparent fees structure, is unsafe, has bad user-experience and is cumbersome.

Most Indian travelers use traditional avenues to exchange money i.e:
1. Forex cards
2. Cash from local brokers
3. International bank cards(Credit/Debit)

Most travelers are unaware of the mark-ups & service charges involved with these systems or must resort to them due to lack of ...
Hop is a new-age digital banking platform which provides Indian international travelers a seamless and economical mechanism for exchanging money through a digital account and a multi-currency debit card with an app. Travelers can exchange currency at near real-time inter-bank rates with low mark-ups with just a few taps on the Hop app.

The solution caters to a large market with over 30 million outbound travelers (expected to go uptown 50 million by 2021 by WTO) and approximately 20 million inbound travelers exchanging close to $50bn through cash, forex card or debit/credit card, each of which is either expensive, does not have transparent fees structure, is unsafe, has bad user-experience and is cumbersome.

Most Indian travelers use traditional avenues to exchange money i.e:
1. Forex cards
2. Cash from local brokers
3. International bank cards(Credit/Debit)

Most travelers are unaware of the mark-ups & service charges involved with these systems or must resort to them due to lack of alternatives. The typical problems these channels have are:

1. Lack of transparency
2. High cross currency fees + mark ups (5%-6%)
3. In person + Intensive Paperwork
4. Unsafe to carry cash
5. Inconvenient and cumbersome
6. Problem of selecting the most cost-effective option
7. Reloading a big hassle

Solution: Digital(on-app) account + Multi-currency debit card

1. Paper-less digital account opening process using ML & AI for on-boarding & e-KYC.
2. Multiple currency account for international travels with real-time interbank rate.
3. Seamless currency exchange with a few taps on the Hop app.
4. Three tiers of service - Starter, Explorer and Pioneer with incremental levels of service.
5. Contactless pre-paid card for domestic and international transactions.
6. Expense tracker with SMS alerts for account management.
7. mWallet for e-commerce website, bill payments and other expenses.
8. Geospatial offers based on location and transaction history.
9. P2P transfers using mobile phone numbers
More information

Recommendations

This is a great idea with a bunch of great entrepreneurs running who have an amazing social and work ethics and want to help consumer travelling , managing their money hassle free. This is a cool app that is easy to use and will save you time and money.