India’s internet payment service provider, PayU has joined hands with the Indian Railway Catering and Tourism Corporation (IRCTC) to provide users a safe and secure option to pay for rail tickets booked via the IRCTC website.
As the part of the deal, PayU will now be available as a payment option under the Multiple Payment Services or MPS option on the IRCTC website at the payment stage of booking an e- ticket. Clicking on this option will enable users to make a safe and secure transaction via various payment options like internet banking, debit/credit card, and e-wallet.
PayU India is the flagship company of Naspers Group. It was established in 2011 and has over 250 payment methods and PCI (Payment Card Industry)-certified platforms.
Commenting on the development, Rahul Kothari, Enterprise Business Head, PayU India said:
Our payment gateway operates around 80% of the e-commerce business in India today, and this collaboration with IRCTC is aligned with our vision to simplify the payment experience for the growing digital savvy consumers as well as the merchants. Undoubtedly, this is a very large and prestigious mandate for us.
Further adding to that, he said:
IRCTC’s biggest strength, its traffic, combined with the success rate of our payment gateway, which is the best in the industry today, is a great match and has a huge potential to enhance the digital transactions landscape and contribute towards making India a cashless/less cash economy.
PayU India claims to processes over 6500 crores worth of digital transactions every month and enjoys a success rate that is 10% higher than the industry average.
IRCTC claims that is records 6 lakh transactions per day on an average with the total number of bookings hitting a whopping 13 lakh figure on peak days. Earlier this year, IRCTC has partnered with ePayLater, India’s first of its kind “Buy Now Pay Later” checkout service to offer a quick and completely frictionless payment experience for ticket bookings.
Earlier in May 2017, PayU has partnered with Mswipe Technologies Private Limited. Mswipe is an independent POS merchant acquirer and network provider for digital payments.
IRCTC currently uses a consortium of payment modes including wallets Paytm, Mobikwik, Oxigen and gateways such as Rupay.