The tie-up with IRCTC comes against the backdrop of a significant rise in the cashless mode of transactions, especially after November 2016’s demonetisation drive announced by prime minister Narendra Modi and led to a massive digital push for mobile wallets. During this financial year alone, 17% of total tickets, both reserved and unreserved, were booked through various cashless modes of payment.
The IRCTC app facilitates over 1 lakh tickets bookings per day and the integration of MobiKwik’s easy-to-use interface will simplify payment systems. MobiKwik currently supports payment solution through channels like Debit card, Credit card, Net Banking, ATM Cards and Wallets.
Announcing the association, Vineet Singh, Chief Business Officer of MobiKwik said “MobiKwik is privileged to support a cashless India and urges people to transact with wallets and digital money as much as possible. Our association with IRCTC is another step to reach out and work towards our mission of digitalizing the country. This association will help the passengers to pay for their tickets seamlessly and securely, within seconds.”
Mobikwik’s Payment gateway processes more than 100 million transactions a month. It is a secure platform that works with different levels of security— Encryption of all Transactions, Sensitive Data Storage with multiple levels of Encryption API Level Security. The Payment Gateway also powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing and merchant payments under one hood. Some of the other additional features supported by MobiKwik’s Payment Gateway offers ensuring a high conversion rate on mobile by providing mobile-friendly checkout pages, optimized for 2G and slow network.
Mobikwik’s Payment Gateway currently powers payments for more than 3,000 e-commerce websites and apps.