Internet payment service provider, PayU has announced its collaboration with the Indian Railway Catering and Tourism Corporation (IRCTC) to provide users with a safe and secure option to pay for rail tickets booked via the IRCTC website using internet banking, debit/credit card, and e-wallet.
As the part of this strategic tie-up, 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.
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. 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.”
Nasper-backed PayU is today one of the leading payment service providers and its clientele includes the likes of Jet Airways, Amazon, Airtel, Snapdeal, Jabong, Ola, Bookmyshow, various insurance companies, including several others. The company 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.
Recently, PayU integrated with UPI and has a strong presence in Asia, Central and Eastern Europe, Latin America, the Middle East and Africa. With an active user base of 30 million, it claims to process 150 million transactions in 2016 worth a combined $4.2 billion.
Earlier in May 2017, PayU has partnered with Mswipe Technologies Private Limited, India’s largest independent POS merchant acquirer and network provider for digital payments.
Talking about IRCTC, it claims to 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 also 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.