Razorpay Software to facilitate UPI payments on IRCTC
New Delhi: Online payment solutions company Razorpay Software Pvt. Ltd on Wednesday announced its integration with the Indian Railway Catering and Tourism Corporation (IRCTC) to facilitate Unified Payment Interface (UPI)-based payments.
With this move, customers will now be able to make payments on IRCTC website and mobile app through UPI, in addition to other payment options such as net banking, wallets and credit/debit cards.
“Rail travel in India has been growing exponentially over the years and 2017 saw 30 million more passengers than the previous year. Our UPI offering will help IRCTC offer a new payment channel for customers that will effectively manage online payments during peak hours of the day in a frictionless manner,” Harshil Mathur, CEO and co-founder of Razorpay said.
Now any passenger with a mobile phone and a bank account will be able to pay through UPI for booking train and air tickets online and enjoy a seamless checkout experience as it removes the hassle of typing card details or netbanking /wallet password, a statement from Razorpay said.
Currently, Razorpay powers online payments for more than 65,000 small and large businesses.
The company is geared to increase its merchant count to 200,000 by the end of 2018 and impact 500 million end consumers by 2020, claims Razorpay.
“Razorpay has integrated with IRCTC to help the customers make UPI payments while booking tickets, both from the IRCTC portal and the mobile application,” said a spokesperson of IRCTC.
UPI is a payment system launched by the National Payments Corporation of India (NPCI) which facilitates instant fund transfer between two bank accounts on the mobile platform without having any details of the beneficiary’s bank.
UPI was launched in August 2016 with 21 banks, and is currently being offered by more than 70 banks. Transactions on UPI have witnessed phenomenal growth in the last few months. Around 151.7 million transactions took place in January compared to 145.5 million in the previous month.
The government has been pushing the UPI platform to boost digital payments in India, to reduce use of cash.
According to a report by IRCTC, the average daily sale of train tickets through its portal, which is the world’s second busiest with more than 3 crore registered users, is around 5.5-6 lakh.
IRCTC offers a plethora of tourism-related services apart from train ticket booking such as flight and cab/bus booking, and hotel bookings.
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